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March 2007/3

  • UK general insurer Royal & Sun Alliance (R&SA) saw its 2006 results slip into the red following the successful completion of the sale of its legacy US business, Arrowpoint Capital.
  • Lloyd's insurer Beazley Group plc joined its London rivals in benefiting from 2006's favourable conditions as it announced a rise of over 500 percent in its pre-tax profits.
  • The decision of Lloyd's insurer Hiscox Ltd to open a Bermudian underwriting platform has "paid off handsomely", according to Robert Hiscox, the firm's chairman.
  • Benfield Group said Florida's decision to near double its hurricane catastrophe bond will cost the group an estimated £10mn in trading profits this year.
  • Benfield Group will treat the £9.525mn which Aon Re has agreed to pay to settle the litigation springing from the defection of a key producing team as an exceptional item this year.
  • Catlin Group has agreed to pay £16mn to Names who traded Wellington capacity in the Lloyd's auctions last year before the two insurers announced they were in takeover talks.
  • Western Australia has been hit by two cyclones, George and Jacob, over the past few days as the warning signs to (re)insurers that the wind could return with vengeance this year continue.
  • US regulators are continuing to stall on proposed measures to change collateral requirements for so-called "alien reinsurers".
  • The US government is set to introduce a bill to extend the Terrorism Risk Insurance Act (TRIA) in April.
  • China Reinsurance is planning to raise up to $2.6bn in an IPO later this year.
  • Lloyd's insurer Atrium Underwriting plc said its full-year results would be "materially ahead of current market expectations" after it improved its syndicate forecasts.
  • Markets responded in mixed fashion to the UK-listed insurers last week as consensus-beating figures didn't always translate to corresponding share performance.