November 2007/3

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...

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

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.

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.

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.

Marsh is in discussions with carriers to introduce "enhanced commissions" in its US middle market and small commercial business, as it looks to "level the playing field" with brokers that are still accepting contingent commissions.

The proposed Scheme of Arrangement for Sphere Drake, part of the WFUM pool, was sanctioned in the UK High Court last week (6 November).

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

Bermudian Max Capital Group Ltd reported third quarter net profits of $66.8mn, up from $26.5mn, and gross premiums written of $223mn, compared to $177.9mn in the prior-year period as a significant deal in its life and annuity business boosted the top line

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...

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