November 2007/3

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.

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.

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

American Financial Group, Inc (AFG) is to become a significant capital provider to the Lloyd's insurer Marketform Group Ltd, and its Syndicate 2468 in 2008, Insider Week can reveal.

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).

In the first transaction of its kind following Germany's implementation of the EU Reinsurance Directive, Deutsche Rückversicherung AG (Deutsche Rück) transferred all of its run-off business to its UK-based subsidiary last week.

Private equity backed Canopius Group is to establish an underwriting operation in Singapore through Lloyd's Asia.

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.