October 2007/4

The recent surge in war, political violence (WTPV) and terrorism and an explosion of global business expansion, could cost businesses dear if they fail to appreciate the risks they face, a leading Hiscox underwriter in the sector has warned.

US property/casualty insurers are expected to pay homeowners and businesses an estimated $1.125bn for third-quarter property losses, according to preliminary analysis by ISO’s Property Claim Services (PCS) unit.

Bermudian reinsurer Aspen Insurance Holdings Limited is to launch a global excess casualty underwriting unit based in Dublin.

Florida’s chief financial officer has proposed giving the state’s governor and cabinet the authority to set the reinsurance levels and pricing of the Florida Hurricane Catastrophe Fund’s optional coverages.

Benfield Group Ltd has bought Canadian specialist energy brokers Beaufort International Insurance Inc and Beaufort Insurance Services Inc.

After spending more than two years behind bars after pleading guilty to offences that helped bring down Australian insurer HIH, Rodney Adler has been freed from prison.

Bermudian start-up insurer Ironshore Inc has appointed former Lloyd’s CEO Ron Sandler to its board.

The jury in the trial of three former Independent Insurance executives was sent out to consider its verdict on 12 October.

Swiss Re run-off subsidiary, Pro Insurance Solutions Ltd has announced the formation of a US affiliate, PRO US, in a move which highlights the growing interest in the country’s discontinued business sector.

The UK’s non-life run-off liabilities decreased 14 percent last year while Lloyd’s open year liabilities were down by more than 30 percent, according to the Association of Run-Off Companies’s (ARC)’s most recent survey.

“Class of 2005” reinsurer Flagstone Re has been given the green light for its Middle Eastern operation, which will be based in Dubai.

Tysers has bucked the trend for small to mid-size London broker sales to larger rivals and private equity investors, after completing a management buyout transaction to secure its independence.