October 2007/2

Bermudian Max Capital Group Ltd reported third quarter net profits of $66.8mn, up from $26.5mn, and gross premiums written of $223mn, compared to $177.9mn in the prior-year period as a significant deal in its life and annuity business boosted the top line

Goldman Sachs is set to launch a Lloyd’s syndicate for the 2008 year, as the banking sector continues to demonstrate a growing appetite for (re)insurance risk.

Stock in US insurance giant, American International Group Inc (AIG) continued its sharp slide in early trading today, losing 4.6 percent and reaching a new 52-week low as investor unease mounted over the group’s sub-prime investment exposures.

Bermudian insurance start-up Ironshore Inc’s American subsidiary has added to its US platform after completing the acquisition of admitted insurer Stockbridge Insurance Company from Folksamerica Reinsurance Company.

Low catastrophe losses drove Bermudian (re)insurer Aspen Insurance Holdings Ltd to a record quarter, it reported yesterday (1 November).

Bermudian (re)insurer Endurance Specialty Holdings has reported a rise in income against a background of falling written premiums in the third quarter.

Run-off insurer Highlands Insurance Company (UK) Ltd will apply for insolvent administration at the High Court today (1 November).

Broking giant Aon is to lose 2,700 jobs in another wide-ranging restructuring that aims to save an annual $240mn by 2010.

Validus Holdings-owned Talbot Underwriting has become the latest Lloyd’s insurer to launch an Asian venture through the Corporation’s Singapore platform.

Ratings agency Standard & Poor’s (S&P) has warned that if rates in most classes continue at their present level beyond mid-2008, then it may downgrade the outlook for a number of industry sectors.

Spain’s largest (re)insurer, MAPFRE SA has agreed to buy Massachusetts-based non-life personal lines insurer The COMMERCE Insurance Company in a $2.2bn (EUR1.5bn) cash deal.

London market reinsurers led by Allianz have had their appeal dismissed against the striking out of significant parts of their defence in the controversial EUR44.3mn dispute with the North Korean national insurer.