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November 2007/3

  • Financial markets have been gripped by a new wave of fear in recent weeks, with Wall Street reacting to concerns about monoline bond insurers’ exposures to sub-prime losses, which could spark a credit crisis across the municipal bond market...
  • German giant Allianz saw a 20.7 percent hike in third quarter net profits to EUR1.92bn, despite a fall in operating profits, driven by catastrophe losses in its property and casualty insurance business.
  • Allianz continued its strategic stake-building in the UK distribution chain this month, with confirmation that it has acquired a 10 percent minority share of Yorkshire-based broker The Oval Group, as predicted by The Insurance Insider in September.
  • 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.
  • Recently listed "Class of 2005" reinsurer Flagstone Re, which went public in May, has reported a 100 percent increase in gross written premiums for the third quarter of 2007, to $123.7mn, boosted by $21.8mn of premium carried over from the acquisition of
  • Lloyd's managing agency, Novae Syndicates Ltd has improved its 2005 results forecast for its Syndicate 1007 to 14-19 percent profit, from previous forecasts of 11-16 percent, prompted by a net incurred loss ratio...
  • UK general insurer Royal & Sun Alliance (R&SA) revealed that its net written premiums for the first nine months of 2007 were up 8 percent to £4.36bn when compared to last year.
  • Hannover Re reported a 55 percent increase in its net income for the first nine months of the year.
  • European giant Swiss Re forced analysts to backtrack on their earnings forecasts after its net income came in well ahead of predictions.
  • The forthcoming Australian cyclone season is expected to be the worst in over a decade, according to forecasters at Tropical Storm Risk (TSR).
  • European giant Munich Re has announced its support for a project to develop a “realistic” global, open-source earthquake model.
  • 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.