June 2008/5

Amlin plc remains one of the best property and casualty insurers, according to Keefe, Bruyette & Woods analyst Chris Hitchings, after the listed-Lloyd's insurer reassured investors that its catastrophe risk account remains in good shape.

The rebuilding of the World Trade Center site that was devastated in the 9/11 terrorist attacks will not be completed until the middle of the next decade and may run up to $3bn over budget, according to reports.

The extent of sub-prime related hits at American International Group (AIG) continues to emerge with the US insurance giant to absorb $5bn in losses in its securities-lending operations.

Ironshore Inc's expected acquisition of Chaucer's Pembroke division will bring the total number of Lloyd's insurer buyouts to three this year.

Marsh is dusting off the venerable Bowring name with the formation of a new international division, Bowring Marsh, which will bring together its international placement capabilities for property, terrorism and casualty risks.

Expansive Bermudian Ironshore Inc is close to sealing a deal with Chaucer plc to buy the Lloyd's insurer's Pembroke division, in a move first revealed by The Insurance Insider.

Bermuda's Allied World Assurance Company Holdings Ltd (AWAC) is expanding its US presence with the $550mn cash acquisition of Darwin Professional Underwriters Inc.

Swiss Re has obtained $150mn protection against North Atlantic hurricane, European windstorm, Californian earthquake, Japanese earthquake and Japanese typhoon through collateralised risk obligation (CRO) Vega Capital Ltd, as predicted by...

The risk of flooding in the UK will continue to escalate unless the government improves the resilience of flood-prone areas, according to an independent review of last summer's UK floods.

New York governor David Paterson has dropped the biggest hint yet that it could relax regulatory barriers against foreign (re)insurers, according to reports last week.

London market broker RFIB Group Ltd has recruited Dominic Hagger from Arthur J Gallagher UK Ltd (AJG UK) to join its international non-marine business.

Net income for the US property & casualty (P&C) insurance industry has almost halved in the first quarter of 2008 after heavy losses in underwriting results, according to the US P&C associations.