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...

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

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.