March 2009/5

Existing estimates of the global (re)insured losses arising from sub-prime, credit crisis, liquidity and fraud-related litigation are "intuitively low", according to industry leaders...

Lloyd's insurer Amlin plc remains a leading runner in the race to acquire rival Chaucer Insurance Holdings, after making an offer which values the firm at around £280mn, The Insurance Insider can reveal.

Following a nine-month strategic review, XL Capital placed its UK and Irish life annuity reinsurance business into run-off, citing market conditions.

Lloyd's insurers are unlikely to benefit this year from the bumper tide of reserve releases that bolstered the 2008 bottom line, according to the Corporation's director of finance, risk management, and operations, Luke Savage.

UK-listed run-off vehicle Tawa plc fell to an after-tax consolidated loss for 2008 of $42.4mn, driven by deepening losses from the bond portfolio in its CX Re subsidiary.

Standard & Poor's (S&P) became the second rating agency to turn negative on Berkshire Hathaway, after it changed its outlook on the firm's core AAA financial strength ratings to negative.

Lockton International is to outsource its London professional indemnity claims broking department to commercial liability claims specialist Devonshire Claims Services (DCS), The Insurance Insider can reveal.

Catlin rights issue gets 98.68% take-up; Montpelier Re expands LOC facility; Lockton opens Dubai office

Lloyd's posted another sharp fall in the number of run-off or 'open years' of account in 2008, continuing the trend started in 2007.

Last week's deal between Talanx and Swiss Life will boost Hannover Re's life reinsurance business, according to the unit's CEO Wolf Becke.

The 1.4 renewals – dominated by the Japanese treaty market – will provide a barometer of the direction reinsurance rates are headed in after a 1.1 renewal that didn’t deliver the rate rises underwriters had hoped for.

Allied World hires ex-AIG execs for Asia expansion; JLT launches RVI unit with Aon hire; Colemont hires aviation duo from Aon; Sutherland appointed CEO of Qatar Board; Allianz appoints new risk transfer CEO; Aspen promotes Griffiths replacement