November 2010/3

Hannover Re has increased its full-year earnings forecast after profits grew 66 percent to EUR271mn in a stronger-than-expected third quarter despite "appreciable strain" from natural catastrophe events.

Munich Re has confirmed it will push ahead with ambitious plans to form a $20bn liability limit offshore energy consortium with global brokers, as it unveiled a 2010 profit forecast upgrade following a strong third-quarter performance.

Bermudian reinsurer Aspen Insurance Holdings has picked up the pace of share buybacks through a $184mn repurchase programme with Barclays Capital.

Staff shareholders in technology firm Ri3k are to receive just £0.00002 per share from successful bidder Qatarlyst - leaving founding CEO Alex Letts with a payout of just under £40 for his stake in the firm.

Chaucer's 2011 capital base is expected to come under the spotlight later this week, when it unveils its new senior management's thinking in an update on corporate strategy.

Catlin Group experienced a slight fall in nine-month volume at its core London division and growth in its international operations.

The interim management statement (IMS) published by Novae last week provided a further update on the company's strategic reorientation plan and met with the approval of analysts.

Bid target Hardy Underwriting has taken the highest proportional loss on the New Zealand earthquake among the international (re)insurers to report to date, with a £10mn hit representing nearly 7 percent of its half-year equity.

On the face of it, an impasse has been reached in the Beazley-Hardy courtship.

Lloyd's (re)insurer Beazley's Q3 interim management statement (IMS) `has reported 2 percent growth in gross written premiums (GWP) to $1.35bn in the nine months to 30 September.

Bermudian (re)insurers are more likely to deploy excess capital in the form of share buybacks than in a wave of consolidation.

Despite predictions of an uptick in (re)insurer M&A activity, fuelled by excess capital and cheap stocks, the motivation for deals was questioned by senior market figures gathered in Bermuda last week.