March 2007/2

Insured losses from Hurricane Dean will be in a range of $0.75-1.5bn substantially less than first feared due to the storm’s “extraordinarily fortunate track”, according to modelling firm Risk Management Solutions (RMS).

Integro Ltd, the US insurance broker formed in response to the regulatory scrutiny in to the broking industry, is to recruit between 50-100 executives to build a new global wholesale and facultative reinsurance group, The Insurance Insider can reveal.

Strong performance from Lloyd’s insurers in calm cat conditions has led the Society to report pre-tax 2006 profits of £3.7bn for the market.

Yesterday’s (27 March) closing of the Equitas deal with Berkshire Hathaway has already begun to pay dividends for Lloyd’s, with Fitch Ratings upgrading its insurance financial strength rating on the Society from A to A+.

Xchanging, the outsourcing firm which runs the London market’s back office, has confirmed its plans to float on the London Stock Exchange.

Lloyd's insurer Hardy Underwriting Group has revealed that it will stay in London, but that the possibility of moving to a low tax jurisdiction remains firmly in its sights.

The spectre of asbestos has returned to haunt reinsurance giant Munich Re as it revealed in its full annual report this morning (20 March) a $600mn strengthening of loss reserves for related claims.

Ark Syndicate 4020 has become the latest start-up to gain Lloyd’s approval, with 2007 stamp capacity of £114mn and backing led by Jeff Greenberg’s Aquiline Capital Partners LLC.

Lloyd's has received the long-awaited approval for its new Chinese onshore reinsurance operation from regulators today (14 March).

Guy Carpenter has become the latest reinsurance broker to launch an index-based property catastrophe reinsurance product as an alternative to traditional risk transfer.

Kiln plc has become the latest Lloyd’s company to announce plans to redomicile in Bermuda and launch an insurer on the island.

Aon Re Global has agreed to pay Benfield Group £9.525mn to settle the litigation which sprang from the defection of Elliot Richardson, and his facultative team, last year.

Our monthly column keeping check on US and EU legal and regulatory developments

Capita swoops for CMGL; Tawa UK in $285mn acquisition; S&P to launch run-off ratings; European run-off liabilities exceed EUR200bn...

Florida reins in cat fund expansion; GE loses asbestos claim; Scottish Re ‘disappointed’ with $233.8mn loss; US plans long-term TRIA extension; Greenberg appointed ACE chairman...

Insurers refuel Boeing dispute ; Lloyd’s insurers build international liability platforms; Aon exec seconded to Lloyd’s; Amlin opens up electronic trading options; IBM steps into London market

German reinsurer Hannover Re completed two more innovative securitisations that laid-off its recoverables and property catastrophe exposures to the capital markets.

After a month digesting unpalatable developments in the “Sunshine State”, the (re)insurance industry was at least served up a sliver of good news late February, as it emerged the Florida State Board of Administration...

The timing of Converium's upgrade to its desired A- financial strength rating from Standard & Poor's (S&P) couldn’t have been better as it attempts to shake off the hostile attentions of rival SCOR.

With 2006's bumper returns banked, and clear signs of rates softening, (re)insurers are resurrecting capital management plans in earnest.

Marketform's extension into D&O has been welcomed by the Lloyd’s insurer’s underwriting director Simon Lotter.

Further job cuts now look likely at Aon Re UK, the reinsurance arm of Aon Ltd, after the company announced a review of the unit on 6 March.

A recent ruling by a UK Court may have wide-reaching implications for future transfers of business under Part VII of the Financial Services and Markets Act 2000 that involve a significant proportion of US and other overseas liabilities.

Catlin Group Ltd saw a healthy 6.35 percent rise in its share price, despite reporting lower than expected 2006 pre-tax profits of $275.4mn as it released its last figures before consolidating the performance...