March 2007/5

Forecaster Tropical Storm Risk (TSR) has again raised its predictions for this year’s North Atlantic hurricane season.

A principles-based rather than a rules-based approach – not just to regulation but to running the entire industry – should be embraced by the industry, according to Joe Plumeri, chairman and CEO of Willis.

Managing agency CV Starr will be one of the underwriters for Lloyd's newly licensed Chinese reinsurance operation, it was revealed last week.

Lloyd's chairman Lord Levene, who has long campaigned for a lower corporate tax rate in the UK, endorsed the 2 percent cut made by Chancellor Gordon Brown in his final budget.

Reinsurance broker Benfield Group continues to bolster its Facultative Solutions teams after last year’s mass defection to rival Aon Corp.

Two brokers from UK public and employer’s liability specialists Preston Whiteside were jailed last week for defrauding small businesses.

PRO Insurance Solutions Ltd, the proposed Scheme Manager of the WFUM Pools Scheme, has confirmed that the 14 WFUM pools scheme companies are applying to the UK High Court for approval.

The Bermuda-based energy mutual Oil Insurance Ltd will increase its aggregation limits for all risks to $750mn when the 2007 Atlantic hurricane season begins later this year.

Catastrophe modelling agency Risk Management Services (RMS) has warned that a large earthquake striking near the Chinese capital Beijing could cause $100bn in (economic) damages.

Italian (re)insurance giant Generali disappointed analysts by failing to announce a special share buyback scheme despite reporting record net profits of EUR2.4bn for 2006, a rise of 25.3 percent.

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

The insurance industry needs a real partnership between underwriters and brokers if it is to progress, according to Hiscox Ltd's chairman Robert Hiscox.