June 2008/5

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.

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.

Deven Sharma, president of credit rating agency Standard & Poor's (S&P), has called for a co-ordinated approach by credit agencies to ensure there is greater global rating consistency.

As predicted by The Insurance Insider last week, Capita Group plc and Marsh UK finalised their 10-year outsourcing deal, worth £187mn, that will see around 600 staff transfer to the outsourcing firm.

Despite a "good year for the insurance industry" in 2007, the non-life sector faces considerable challenges, according to Swiss Re.

Acquisitive run-off specialist Enstar Group Ltd has announced plans to raise around $105mn with a new public share issue.

Ratings agency Moody's Investor Services has cut its outlook on XL Capital to negative due to the company's exposure to the sub-prime crisis through its bond insurer affiliate Security Capital Assurance (SCA).

Lloyd's insurer Hiscox Ltd has revealed plans to create a new Lloyd's Syndicate backed 100 percent by its own capital.

A US judge has dismissed several of the claims made by American International Group (AIG) in its attempt to wrest control of a block of its shares from its former CEO and chairman.

AXIS Capital Holdings Limited has poached Michael Steel, Benfield Group's global head of capital markets and appointed him in the newly created role of chief risk officer, the Bermudian company has announced.

The auditors of failed UK insurer Independent Insurance have been fined £500,000 and ordered to pay costs of £1.15mn by the UK accountancy watchdog after a tribunal found the firm's conduct "seriously below the appropriate standard".

Bermuda's financial services sector has seen little fall-out from the US sub-prime meltdown as the island's regulator released its annual report.

Hawaiian governor Linda Lingle has signed a new law making the transfer of insurance-linked securities to the capital markets more efficient for captives.

Poor returns from UK acquisitions have put a stop on future AXA Group buyouts, according to the French insurance giant’s chairman and CEO, Henri de Castries.

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

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.

The Philippine ferry that sank in the devastating Typhoon Fengshen with more than 800 people on board was covered in the local markets, according to reports.

Paul Jardine, COO of Catlin Group, has been returned as chairman of the Lloyd’s Market Association (LMA).

Xchanging has hired Stewart McCulloch, the former CEO of Lockton International, as Implementation Director.

Aon Risk Services has launched a mergers & acquisitions (M&A) service for private equity, sovereign funds, business-to-business, real estate and infrastructure funds based in its Dubai office.

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.

QBE Insurance Group has announced the appointment of Chris Fish as CFO for its Americas division.

Specialist UK broker THB Group plc has seen profits fall by an much as 40 percent in the 12 months to April, compared to the prior year despite more an earnings boost in the first half of that period.

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.

Benfield Group Ltd has appointed former RennaisanceRe president Bill Riker as a non-executive director.

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.

French reinsurer SCOR has unveiled the launch of its latest hub in Singapore to serve the Asia-Pacific region.

Canopius Group Ltd has announced the appointment of Stephen Hartwig as senior vice president and head of excess casualty to its Bermuda-based underwriting agency.

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.