November 2007/3

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

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

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.

Former RenaissanceRe Holdings Ltd executive Michael Cash has agreed to settle civil charges filed by the Securities and Exchange Commission (SEC) by paying a $130,000 fine and receiving a five-year ban...

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.

Tawa plc, the UK quoted run-off consolidator owned by the French billionaire Francois Pinault, acquired the US firm PXRE Reinsurance Co (PXRE US) last week from parent Argo Group International Holdings Ltd in a $114mn transaction.

Investors approved of Kiln's decision last week to return £60mn of capital to shareholders - part financed by the sale of its 20 percent interest in US insurer WR Berkley's European operation.

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.

Newcomer Ark Syndicate Management, which started writing business at Lloyd's in April this year, has proposed the launch of a sidecar syndicate, which is currently subject to approval by the society's Franchise Performance Directorate.

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.

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...

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