November 2007/3

Zurich Financial Services Group (ZFS) has named ex-Converium Holdings CEO Inga Beale as head of organisational transformation and mergers & acquisitions with effect from 1 January 2008.

European giant Munich Re has announced its support for a project to develop a “realistic” global, open-source earthquake model.

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...

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

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

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.

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.

London-based brokers Benfield Group and Jardine Lloyd Thompson (JLT) saw their share prices drop at the back end of last week after being hit by weak equity markets.

A messaging hub that claims it will make effective electronic trading a reality in the London market has been released by messaging specialists TriSystems.

The forthcoming Australian cyclone season is expected to be the worst in over a decade, according to forecasters at Tropical Storm Risk (TSR).

Ratings agency Standard & Poor's (S&P) has placed Bermudian life reinsurer Scottish Re on negative outlook after it revealed $102mn of realised capital losses in its third quarter results yesterday (11 November).

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

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.

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.

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.

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...

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.

The departure of Marsh CEO Brian Storms after a disappointing performance at the broker has cost parent company Marsh & McLennan (MMC) $13mn in severance costs.

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.

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

European giant Swiss Re forced analysts to backtrack on their earnings forecasts after its net income came in well ahead of predictions.

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.