November 2007/4

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.

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.

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.

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.

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.

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.