March 2008/1

Standard & Poor's (S&P) has put a positive outlook on UK insurer Novae's Lloyd's Syndicate 2007 in the expectation that its legacy issues will see further resolution in 2008, through the run-off or sale of the affected business.

Robert Hiscox, a former deputy chairman of Lloyd's and one of the most strident voices in EC3, has called the reduction of only 2 percent in the Society's capacity for 2008 "disappointing".

Warren Buffett, the chairman and CEO of Berkshire Hathaway Inc, has warned insurers that the party is over and tougher times lie ahead regardless of what the weather does this year.

Although Swiss Re reported only modest deterioration on its credit default swaps (CDS) as it booked a 9 percent fall in 2007 net income to SFr4.2bn last week, its disclosures on credit market exposure and its recent quota share deal...

Shares in American International Group (AIG) closed down 6.56 percent on Friday after the US insurance giant announced the biggest quarterly loss in its history driven by a $11.12bn pre-tax writedown in its financial products division, AIGFP.

Allianz Global Corporate and Specialty (AGCS) has set up a Global Discontinued Business division to handle its vast legacy business, The Insurance Insider has learnt.

The UK's first dedicated insurance company providing takaful policies is set to be launched in a bid to tap into the UK's large Muslim population.

XL Capital added to fourth quarter losses arising from its relationship with troubled bond insurer Security Capital Assurance (SCA) in a Securities & Exchange Commission (SEC) filing after close of markets Friday (29 February).

Rod Fox has teamed up with his former EW Blanch colleague Ted Blanch to launch a "private boutique" reinsurance broker provisionally called Alpha Re.

The appointment of Peter Zaffino as CEO and Britt Newhouse as chairman at Guy Carpenter marks a statement of intent by Brian Duperreault as he seeks to gather his senior lieutenants around him in New York...

The Port Authority of New York and New Jersey’s claims stemming from 9/11 will be restricted to two buildings a judge has ruled.

Property damage from the earthquake that hit the UK on 27 February is likely to cause insured losses of between £15-30mn, according to initial estimates by Risk Management Solutions (RMS).