November 2007/4

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.

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.

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.

Lloyds TSB Corporate Markets has hired former Citigroup executive Stephen Winningham as global head of its Financial Institutions relationship banking division.

Bermudian insurer Lancashire Holdings Limited has announced the appointment of Jens Juul and Simon Burton to its board of directors.

The Companies Act 2006, which is currently in its implementation phase, paves the way for UK shareholders to bring "US-style" derivative actions against directors and officers for breaches of duty.

Ratings agency Moody's Investor Services has warned insurers against "diversification for diversification's sake" in a softening market, stating that global market rates are now "past their peak" and "M&A activity can be challenging".

Steve Taylor, business development officer for Gallagher Re, is leaving the reinsurance broker to join one of its clients, WR Berkley Corporation.

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

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

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