October 2006/3

A tsunami is expected to hit northern Japan and Russia today (15 November), the US Pacific Tsunami Warning Center has warned.

Munich Re, the world’s second largest reinsurer, raised its full year earnings forecast and announced its first ever share buy-back today (7 November) as it became the latest industry carrier to benefit from the benign claims season.

US and EU Legal Developments

Bermuda-headquartered Catlin Group confirmed on 27 September that it is entering into a catastrophe swap agreement that would provide it with coverage of up to $200.25mn for global natural catastrophes.

In a strategic volte-face, Jardine Lloyd Thompson Group plc (JLT) announced last month the sale of its US property casualty and employee benefits operations to Alliant Insurance Services Inc for $100mn (£53.3mn) little more than three years after revealin

Lloyd’s last month reported half year pre-tax profits of £1.35bn – marginally down on the £1.38bn booked at the same stage last year – as strong underwriting results in benign conditions were offset by a fall in investment income.

With aviation renewals in full swing recent entrants to the market have pushed available capacity up to unprecedented levels, according to Steve Doyle, the manager of Aon’s Aviation and Aerospace Global Practice Group.

Last month’s long-awaited announcement by UK insurer Royal & Sun Alliance Group plc (R&SA) that it had succeeded in agreeing a deal to cut itself free from its US run-off business has fuelled speculation that the company may be the subject of renewed take

Bob Clements, the man who has launched a host of (re)insurers throughout a long career in the insurance industry, is looking to raise up to $1bn for Ironshore Ltd, The Insurance Insider revealed last month.

Fresh from Alba sale, Whittington plans new Lloyd’s syndicate The trio of senior Aspen Insurance Holdings Ltd executives who have resigned from the reinsurer in the past few months are planning a start-up reinsurer that is likely to have a Lloyd’s plat

Provisional liquidator Grant Thornton last month announced creditor approval for its proposed UIC Insurance Company Limited scheme of arrangement that looks set to boast the rare distinction of paying out more than 100p in the £1.

Despite paying over $1bn in settlements and foregoing contingent commissions, the post-Spitzer picture is still not “rosy” for the big three brokers, according to a report by ratings agency Standard & Poor’s (S&P).