October 2007/4

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

The Association of Insurance and Reinsurance Run-Off Companies’ (AIRROC) third annual Rendez-Vous began today (15 October) in New Jersey with a record number of delegates in attendance.

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.

The £800mn pledged by the UK’s chancellor of the exchequer Alistair Darling in his pre-budget report has been criticised as insufficient by the insurance industry.

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

Steven Schulman has become the second former Milberg Weiss LLP partner to plead guilty in a long-running federal probe into the making of improper payments to clients in an alleged kickback scheme.

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.

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.

Legacy business purchaser Ruxley Ventures has been given the green light to acquire the London branch of Italian giant Generali’s Swiss subsidiary, Generali Assurances Generale (GAG).

Ratings agency Standard & Poor’s (S&P) has upgraded French insurer Groupama’s financial strength rating to A+ with stable outlook in response to the group’s increased operating performance, strong brand and its “readiness” to launch an initial public offe

Trading on the recently launched Insurance Futures Exchange Services (IFEX) platform saw prices drop dramatically Friday (12 October) on 2007 event-linked futures contracts as traders anticipated a benign end to the hurricane season.

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.