November 2007/4
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Growth in its life business was the driving force behind a 25 percent rise in profits at Swiss insurance giant, Zurich Financial Services Group (ZFS), it reported on 15 November.
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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.
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A trend of expensive P&I (protection & indemnity) pool claims is set to feed through to further rate increases for shipowners, according to the latest report by broker Aon on the sector.
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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.
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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.
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Catlin Group COO, Paul Jardine, has called on insurers to be "very wary" of repatriating capital to shareholders in the current market environment, as the sub-prime debacle may hamper future attempts at capital raising.
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Financial markets' losses from the falling value of sub-prime mortgage assets may reach $300-400bn worldwide, representing a default on 30–40 percent of global sub-prime debt, according to Mike Mayo, analyst at Deutsche Bank.
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Bermudian (re)insurer XL Capital is set to renew a slimmed down version of its Cyrus Re sidecar with $105mn in capital from three tranches of loans.
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Swiss Re shares slumped over 10 percent today after the reinsurer announced a SFr1.2bn (£524mn) hit – SFr981mn after tax – on two credit default swaps linked to mortgage backed securities.
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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.
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The passage of a federal backstop to natural catastrophe risk through the US House of Representatives has drawn a mixed response from the industry.
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The US Senate passed a seven-year extension to the Terrorism Risk Insurance Act (TRIA) last Friday (16 November).
