May 2007/4

A repeat of the 1927 Great Mississippi Flood - the largest flood disaster in US history could cost up to $160nn in economic damages if it happened today, according to catastrophe modelling firm Risk Management Solutions (RMS).

UK general insurer Royal & Sun Alliance (R&SA) has appointed Paul Donaldson as managing director of its broker division following the departure of Brendon McManus to Willis.

European giant Zurich Financial Services reported a 71 percent rise in its first quarter income, up to $1.39bn from $810mn in the prior-year period.

Bermudian (re)insurer White Mountains Re Group Ltd (White Mountains) ploughed its own furrow in the insurance field with an announcement of a $250mn offer of fixed/floating perpetual non-cumulative preference shares.

Shareholders in Alea Group Holdings (Bermuda) Ltd were due to vote on an increased offer from Fortress Investment Group (FIN) today (21 May) of 96.5p a share as the reinsurer's suitor attempts to fend off a rival bid.

Lloyd's insurer Kiln plc said that underwriting conditions and rates remained attractive for the first four months of 2007.

For the seventh consecutive month airline rates have seen double-digit falls as a report revealed 2006 to be the “safest year on record” for the industry.

UK insurer Royal & Sun Alliance Group (R&SA) is facing a claim following this morning's (21 May) fire aboard 138 year-old tea clipper, the Cutty Sark, which is undergoing a £25mn renovation in dry dock in Greenwich, London.

Marsh Ltd has successfully prised the Scottish Professional Risks from its rival Aon Ltd.

Sports underwiters Sportscover Europe have announced the appointment of Matthew Riley as its CEO, taking over from Chris Nash.

Bermudian (re)insurer ACE Limited (ACE) is looking to use its global reach to search for growth in an ever-softening traditional (re)insurance market.

US giant American International Group (AIG) announced last week that it has agreed an $813mn takeover deal for 21st Century Insurance Group.