November 2007/4

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

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

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

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.

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.

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.

Aon has swooped for key members of Willis’ well-regarded construction practice, Insider Week can reveal.

Catastrophe risk modelling firm AIR Worldwide Corporation has estimated that insured losses from the earthquake that struck Chile last week will not exceed $80mn.

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.

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.