November 2007/5

Tawa plc, the UK quoted run-off consolidator controlled by French billionaire Francois Pinault, has launched Tawa Consulting Ltd, which will take on consulting and advisory operations.

Aon Re Global Fac is to launch a dedicated residual value insurance division.

London-based electronic trading platform Ri3K is streamlining charges for its services in response to "market criticisms" over the firm's pricing structure.

Lloyd's insurers Beazley Group plc and Hiscox Ltd disclosed moderate share buybacks last week, continuing the trend in the (re)insurance sector for the repatriation of capital to shareholders.

Non-life insurers should escape the global credit crunch but not contagion from a possible economic stagnation or recession, according to research from Morgan Stanley.

Administrators of loss-hit Kamp Re 2005, Zurich Financial Services' (ZFS) catastrophe bond, have extended the original maturity date by a month, to 14 January 2008, pending a final determination of the loss amounts.

Underwriting discipline, capital management and improved prior-year syndicate forecasts were the dominant themes as Lloyd's (re)insurers reported trading updates last week.

Caribbean firm Sagicor Financial Corporation - which acquired Lloyd's insurer Gerling at Lloyd's and its Syndicate 1206 earlier this year - has announced a profit of Bd$136.7mn for the first nine months of the year...

Brit Insurance Holdings PLC has renewed its binding authority agreement with Augsburg Re.

For the second time this year wildfires have forced thousands of Californians to evacuate their homes.

Directors' and officers' (D&O) rates are predicted to fall by a further 10 percent in the final quarter of the year, according to a survey by broker Willis Group.

Fitch Ratings has upgraded the insurer financial strength ratings of UK insurer Aviva plc's non-life firms to AA.

Endurance Specialty Insurance Ltd was upgraded to A by AM Best last week, returning the Bermudian (re)insurer's ratings to their pre-Katrina level.

Swiss Re's share price continued to fall this morning after losing almost 15 percent of their value last week following the firm's shock SFr1.2bn ($1.1bn) mark-to-market loss from credit default swap exposures.

French reinsurer SCOR SA will add to its Atlas suite of cat bonds with the EUR160mn Atlas IV bond, which is due to close on 27 November.

Bermudian reinsurer Montpelier Re Holdings Ltd has extended the employment contract of its founding chairman and chief executive Tony Taylor until 2009, it confirmed last week.

American International Group (AIG) executives including CEO Martin Sullivan and CFO Steven Bensinger have been named in a suit filed by shareholders over the firm's handling of its exposure to the sub-prime crisis.

The rules for Brazil's open reinsurance market are set to be published on 15 December, according to local sources.

Jardine Lloyd Thompson (JLT) saw its share price climb almost ten percent in the last week following the firm's announcement of a share buyback programme.

Quoted Lloyd's insurer Novae Group plc is set to open a bloodstock account next year following the capture of a Brit Insurance underwriter.

Gallagher London became the latest firm to levy an additional commission on the market as the weak dollar and falling rates continue to squeeze brokers' margins.

A New York-based hedge fund has hit back at Canadian conglomerate Fairfax Financial Holdings with a counterclaim accusing the firm of defamation and a campaign of harassment and intimidation.