November 2007/3

In the first transaction of its kind following Germany's implementation of the EU Reinsurance Directive, Deutsche Rückversicherung AG (Deutsche Rück) transferred all of its run-off business to its UK-based subsidiary last week.

A messaging hub that claims it will make effective electronic trading a reality in the London market has been released by messaging specialists TriSystems.

The proposed Scheme of Arrangement for Sphere Drake, part of the WFUM pool, was sanctioned in the UK High Court last week (6 November).

The forthcoming Australian cyclone season is expected to be the worst in over a decade, according to forecasters at Tropical Storm Risk (TSR).

Zurich Financial Services Group (ZFS) has named ex-Converium Holdings CEO Inga Beale as head of organisational transformation and mergers & acquisitions with effect from 1 January 2008.

Ratings agency Standard & Poor's (S&P) has placed Bermudian life reinsurer Scottish Re on negative outlook after it revealed $102mn of realised capital losses in its third quarter results yesterday (11 November).

European giant Munich Re has announced its support for a project to develop a “realistic” global, open-source earthquake model.

The Australian Supreme Court has sentenced Dominic Fodera, the former chief financial officer of failed insurance company HIH, to at least an extra year in prison.

Private equity backed Canopius Group is to establish an underwriting operation in Singapore through Lloyd's Asia.

Bermudian Validus Holdings Ltd almost doubled third quarter profits from $69.7mn to $136.5mn year-on-year as it reported its first set of results reflecting the July acquisition of Talbot Underwriting.

Bermudian Max Capital Group Ltd reported third quarter net profits of $66.8mn, up from $26.5mn, and gross premiums written of $223mn, compared to $177.9mn in the prior-year period as a significant deal in its life and annuity business boosted the top line

Roger Townsend, executive director of Xchanging Insurance Services (XIS), has dismissed market accusations that it is taking advantage of a monopoly over the market.