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July 2008/4
  • ARIG first half profits drop
    Arab Insurance Group (ARIG) saw its first half net profits slide as both underwriting and investment income deteriorated.
    28 July 2008
  • Mixed results for Montpelier and Platinum
    Bermudian reinsurers Montpelier Re Holdings Ltd and Platinum Underwriters Holdings Ltd revealed mixed results for the second quarter as favourable reserve development helped soften the impact of weaker pricing.
    28 July 2008
  • HCC and former CEO settle SEC investigation
    US insurer HCC Holdings, its former CEO Stephen Way, and its former General Counsel Christopher Martin have finally reached a settlement with the US regulatory authorities relating to a dispute alleging violations over stock-options backdating.
    28 July 2008
  • Tokio Marine continues global expansion with Philadelphia move
    The expansive Japanese insurer Tokio Marine & Nichido Fire Insurance Co's acquisition of non-life insurer Philadelphia Consolidated Holding Corp (PCHC) will help the company to strengthen its overseas property and casualty (P&C) businesses...
    28 July 2008
  • Novae parts with specie underwriter
    The head of Novae Syndicate 2007 specie and cargo units, Keith Nichols, is leaving after just two months at the firm, The Insurance Insider understands.
    28 July 2008
  • Towers Perrin launches capital markets operation
    US reinsurance broker Towers Perrin has launched a capital markets operation specialising in risk-linked securities, retirement risk transfer transactions and asset risk management services.
    28 July 2008
  • UK Islamic insurer launches as Salaam Halal
    Britain's first dedicated Muslim insurance group, Principle Insurance Company Ltd has officially launched offering motor cover and trading as Salaam Halal.
    28 July 2008
  • US big guns continue to fire on contingents
    Aon Risk Services called on the New York attorney general and Department of Insurance to introduce greater transparency and consent standards for all insurance brokers operating in New York.
    28 July 2008
  • Blue Coast $120mn cat bond set to close
    Allianz is poised to close a $120mn US catastrophe bond under an innovative new structure that is designed to minimise basis risk by drilling down to cover (re)insurers' actual loss exposures in greater detail.
    28 July 2008
  • Munich profit warning a bellwether for Q2s
    Munich Re's second quarter and full-year 2008 profits warning at the end of last week reflecting its weakened investment performance may serve as a bellwether for the (re)insurance industry as its bottom line continues to be hit by capital markets turmoil
    28 July 2008
  • XL faces day of reckoning
    XL Capital's short-call announcement yesterday that it would report second quarter results after markets close later today comes as speculation grows that the troubled Bermudian is set to reveal details of a strategy to turnaround its fortunes.
    28 July 2008
  • Lloyd's Bermuda invasion continues with Max move
    Max Capital Group became the latest Bermudian (re)insurer to acquire a Lloyd's platform last week after buying Imagine Group (UK) Ltd.
    28 July 2008
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