November 2007/3

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.

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.

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 Swiss Re forced analysts to backtrack on their earnings forecasts after its net income came in well ahead of predictions.

Insurance giant American International Group (AIG) reported operating results for the third quarter below analysts’ expectations, compounded by losses in its AIG Financial Products (AIGFP) division, which suffered a $352mn pre-tax charge on credit default

UK corporate financier Sir Laurie Magnus said the British government needs to reduce Britain's corporation tax rate to around 20 percent to ensure the City retains its status as a world (re)insurance hub.

German insurance giant Allianz SE has issued EUR155mn and $65mn of European windstorm cat bonds through a newly created EUR1bn shelf vehicle, Blue Fin Ltd, as predicted by The Insurance Insider last month.

Administrators of loss-hit Kamp Re 2005, Zurich Financial Services' (ZFS) catastrophe bond, are believed to have filed a partial loss on the bond last month, invoking the option to elect a 36 month extension period on the original maturity date of 14 Dece

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

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...

Hannover Re reported a 55 percent increase in its net income for the first nine months of the year.