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May 2007/3

  • The continuing uncertainties in catastrophe models were highlighted as a stumbling block to high ratings for insurance linked securities (ILS), such as cat bonds, last week.
  • London is destined to control a shrinking share of the world's insurance markets, both in absolute terms due to emerging market growth, and in relative terms as a result of "localisation", according to Luke Savage, finance director of Lloyd's.
  • HCC Insurance Holdings bucked the trend set by a number of its peers, as it announced last week record first quarter earnings and revenues up 28 percent.
  • In its first results filing as a public company, Bermuda's Flagstone Reinsurance Holdings Ltd reported first quarter net income of $35.6mn, as it bore net losses of $25.4mn from European Windstorm Kyrill and $6.9mn from satellite losses.
  • Greenlight Capital Re Ltd is expected to make its debut on Nasdaq in the next fortnight as it looks to raise $175mn in an initial public offering.
  • Italian (re)insurance giant Generali announced net profits up 20 percent for the first quarter 2007.
  • US giant American International Group (AIG) reported strong first quarter results on the back of a 31.5 percent increase in operating profits at its general insurance business.
  • French insurance giant AXA announced first quarter revenues up 34 percent, driven mainly by the Winterthur acquisition, sealed in January this year.
  • Converium Holdings AG CEO Inga Beale will receive a lump sum payment of SFr4.2mn when she leaves the company on completion of the takeover by French reinsurer SCOR.
  • Carvill announced last week a tie-up with AIR Worldwide Corporation that will see the modelling company support Carvill Hurricane Index (CHI) in its standard and near-term US hurricane models.
  • Russian insurance, investment and leasing group Oslo Marine Group Ltd (OMG) has established a London representative office headed by ex-Novae and CLM Insurance Fund plc executive, Keith Parker.
  • As SCOR found out recently, there are times when shareholders need an extra incentive before they will support take-out offers – and this is looking increasingly the case with the defunct reinsurer Alea Group Holdings.