November 2007/4

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

The National Association of Insurance Commissioners (NAIC) has formally released its Reinsurance Regulatory Modernisation Proposal, which will allow the recognition of foreign regulators...

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.

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

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.

SCOR has booked net profits of EUR299mn for the year-to-date, up 93 percent on the prior-year period, along with top line growth boosted by the acquisitions of Converium and Revios.

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.

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.

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.

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.

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.