July 2009/4

US insurance giant Chubb raised its outlook for full-year earnings after its Q2 results beat Wall Street expectations.

Amlin closed its EUR350mn acquisition of Fortis Corporate Insurance NV (FCI) from the Dutch state last week after receiving regulatory approval.

The world's largest reinsurer, Munich Re, continues to be seen as a strong performer by ratings agencies and equity analysts as it prepares to unveil its second quarter results next week (4 August).

IPC Holdings has reported bumper Q2 net income of $173.9mn, compared to $47.5mn for the same period in 2008, as operating earnings stabilised and a $50.9mn net loss on investments swung to a gain of $77.4mn.

Bermudian Arch Capital followed its compatriot Platinum Underwriters in booking a solid set of Q2 figures - albeit with profits down on the prior-year period.

The legal dispute over potential proceeds from directors' and officers' (D&O) cover bought by the collapsed Stanford Financial Group (SFG) has deepened, with a number of its former executives joining the fray.

Despite the recent Air France loss, Scor should benefit from another modest loss quarter with a combined ratio that falls to around 97.5 percent, according to Commerzbank.

The House of Lords is due to hand down its judgment on Thursday (30 July) in the long-running "follow the settlement" dispute between reinsurers Wasa International Insurance Company Ltd (Wasa) and AGF Insurance Ltd and their cedant Lexington Insurance Co.

Beazley plc has launched the Lloyd's interim reporting season with a fall in pre-tax profits from £45.0mn in the first half of 2008 to £20.1mn, as the expected unwind of last year's foreign exchange gains hit the bottom line.

Hannover Re's proposed European windstorm catastrophe bond, Eurus II, has upsized to EUR150mn, with indicative pricing in the low end of the range at EURIBOR plus 675 basis points.

Swiss Re will stop writing property and casualty (P&C) facultative business from London later this year, The Insurance Insider's sister publication Inside Fac revealed last week.

Jubilee Managing Agency has named Andreas Loucaides as CEO, just nine months after the former Catlin executive joined the expansive Lloyd’s insurer as chief underwriting officer.