November 2007/4

Third quarter profits at Arab Insurance Group (Arig) were down after the company was hit by a $9mn loss from Cyclone Gonu.

The passage of a federal backstop to natural catastrophe risk through the US House of Representatives has drawn a mixed response from the industry.

Philip Grant, chairman of The Association of Run-Off Companies (ARC), is behind a new run-off service provider in London.

Bermudian (re)insurers Aspen Insurance Holdings Ltd and Lancashire Holdings Ltd both revealed further share buybacks, as companies continue to react to a benign hurricane season and dwindling underwriting opportunities by handing back capital.

Quoted Lloyd's insurers Amlin plc and Beazley plc continued the market trend for share buybacks after announcing the repurchase of shares totalling £150mn last week.

Recently-listed European reinsurer PARIS RE said net premiums fell by 14 percent in the third quarter due to falling rates and higher retentions in the current soft market.

The dusty arguments over the UK's ability to wind up solvent (re)insurance companies through a process called schemes of arrangement were given a fresh airing last week at the Mealey’s Global Reinsurance Forum in Bermuda.

Aon Natural Resources London chairman Tim Fillingham and ex-Navigators UK and Europe CEO David Hope are looking to launch a new insurance company focusing on energy and commercial property lines.

Lloyd's has welcomed former QBE Limit underwriter Mark Harrington back into the market with a new composite syndicate expected to offer stamp capacity of £75mn for the 2008 year, Insider Week can reveal.

The US Senate passed a seven-year extension to the Terrorism Risk Insurance Act (TRIA) last Friday (16 November).

Cayman Islands-based Greenlight Capital Re has posted a $2.1mn net loss for the third quarter against a healthy prior-year period $17.5mn profit, due to a significant investment income loss.

Markel International Insurance Company Ltd (MIICL) has welcomed its upgrade by Fitch Ratings to A with a positive outlook.