March 2008/3

Liechtenstein-based liability insurer Gable Insurance has appointed Lance Ranger as its new chairman.

The introduction of the European Union (EU) Solvency II directive in 2010 will have little immediate impact on credit ratings of European insurers but many fuel merger and acquisition (M&A) activity, according to a report by Fitch Ratings.

Aspen Re has become the first Bermudian reinsurer to implement electronic accounting and settlement (A&S).

American International Group Inc (AIG) has been admitted on the Irish Stock Exchange with a par value of $2.50 per share.

Today (10 March) is the last day of dealing in Lloyd’s (re)insurer Kiln shares ahead of the company's acquisition by Tokio Marine.

US property and casualty (P&C) insurance rates were down 14 percent on a composite basis in February, with rates in the worst-hit sector, commercial property, falling 17 percent in the period, according to US insurance aggregator MarketScout.

Federal excise taxes (FET) imposed on insurance and reinsurance purchased from foreign insurers and reinsurers will be applied each time the risk is ceded, US tax authority the Internal Revenue Service (IRS) ruled last week.

The major catastrophe modelling agencies are again disagreeing over the size of losses arising from an event with estimates of insured losses from European Windstorm Emma varying between EUR300mn and EUR1.3bn.

Mirroring the aviation sector, an excess of capacity together with low losses are driving premium rates downwards, according to Aon's Aerospace Insurance Market Review.

Wall Street banks could lose a further $325bn in capital due to deteriorating sub-prime US mortgages in the face of a "systemic margin call", according to JPMorgan.

Ambac Assurance Corp, one of the monoline insurance sector's giants, lost 17 percent of its stock market value last week after revealing a $1.5bn recapitalisation plan that disappointed investors hoping for a bigger rescue effort.

Listed Bermudian run-off firm Enstar Group Ltd reported a drop in its full-year profits last year despite seeing its asset base grow by a third through acquisitions.