November 2006/2

Resurgent European reinsurer SCOR announced an 87 percent rise in its net income for the first nine months of 2006 on 8 November.

German reinsurer Hannover Re has become the latest company to be granted a licence by the China Insurance Regulatory Commission, enabling it to write life and health reinsurance in the People’s Republic of China.

German insurance giant Allianz reported third quarter net income of EUR1.6bn, almost double the EUR894mn it recorded in the prior-year period on 10 November.

Munich Re, the world’s second largest reinsurer, raised its full-year earnings forecast and announced its first ever share buy-back on 7 November as it became the latest industry carrier to benefit from the benign claims season.

Glacier Re, the Swiss reinsurer backed by legendary investor George Soros and US hedge fund HBK Investments, has formed a separately capitalised insurance company, Glacier Insurance.

Almost a year after unveiling the first motor securitisation, French giant AXA has become the first primary insurer to transfer mortality risk to the capital markets.

Hiscox plc’s planned sidecar Panther Re came closer to fruition today (13 November) with rating agency Moody's Investors Service assigning a provisional (P)Baa3 rating to the $72mn senior loans and a provisional (P)Ba2 rating to the $144mn mezzanine loans