November 2007/3

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...

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

French (re)insurance giant AXA posted life and savings new business volume of EUR5.6bn in the first nine months of 2007, up 26 percent on the previous year’s nine months, or 10 percent on a comparable basis...

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.

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

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.