June 2008/1

Speaking at Trading Risk’s event last month, Goldman Sachs’ Michael Millette provided an erudite description of the turmoil facing the capital markets.

Contrasting pictures were painted by late reporting Bermudian (re)insurers – depending on their vintage.

Berkshire Hathaway was not immune to the twin assault of the softening market and credit fallout as first quarter net profits dropped by around 64 percent to $940mn.

The trend that has seen many (re)insurers hand back significant chunks of capital to shareholders continues in earnest which has even led to comparisons of early 2005.

Although RBS' preference is to sell its insurance operations in one fell swoop, The Insurance Insider understands that it is considering listening to offers valuing the broker-only insurer NIG at around £500mn.

The Royal Bank of Scotland (RBS) has extended the deadline for the first round of bids for its insurance division, following apparent dwindling interest in the units.

Lloyd's publicly traded insurers echoed the themes emerging in Q1 results from their US, Bermudian and European (re)insurance rivals with a flurry of May trading statements that talked of softening rates, pressure on investment returns and higher than...

The world's two largest reinsurers continue to divide analysts over their prospects as they look to ride difficult underwriting conditions and exposure to the wider global economic and credit environment.

The private equity owned run-off insurers Seaton Insurance Co and Stonewall Insurance Co have appealed against a New York court decision last month which prevents them from pursuing a claim against a Randall & Quilter (R&Q) affiliate in the US.

Despite being spurned by IAG, QBE has told investors it plans to carry on with its M&A growth strategy and this might mean the insurer looks again at RSA.

Australian insurer will need to bring shareholders back on side if it is to remain an independent company despite QBE walking away

Former Catlin UK CEO Andreas Loucaides has resigned from the group to take up a new post at Lloyd's insurer Jubilee subject to regulatory approval, The Insurance Insider can reveal.