October 2007/6

German giant Hannover Re has established a new life reinsurance subsidiary in Bermuda, the firm announced last week.

UK flood losses of $11.4mn during the third quarter failed to dampen Bermudian firm Montpelier Re's net income of $101.3mn, up from $83.4mn in the prior-year period.

Stock in US (re)insurance giant, American International Group Inc (AIG) plummeted by nearly 10 percent in a day on Thursday (25 October), as worries about its exposure to the sub-prime mortgage market mounted.

Giant reinsurer Swiss Re has signed an agreement to acquire some of UK life funds consolidator Resolution plc's life books from Standard Life plc for £2.35bn as it continues to build its Admin Re brand.

Beaufort Underwriting Agency Ltd has become the latest Lloyd's insurer to be acquired this year as interest in Lime Street continues unabated.

Bermuda-based Lloyd's insurer Hiscox Ltd will replace its $360mn sidecar Panther Re with a Lloyd's special purpose syndicate next year.

Lloyd's broker Oxygen has announced the formation of a new specialist team in partnership with CRS Yachts Ltd, an insurance broking team servicing the superyacht industry.

Insurance specialists Edwards Angell Palmer & Dodge LLP (EAPD) and London-based Kendall Freeman are understood to be considering a merger, Insider Week understands.

Rating agency Standard & Poor's (S&P) has revised its outlook on Fairfax Financial Holdings Ltd (FFH) and its subsidiaries to stable from negative citing the Canadian group’s improving enterprise risk management.

John Charman will stay on as CEO and president of AXIS Capital Holdings Ltd for at least a further year after the Bermudian (re)insurer extended his contract to 31 December 2009.

Bank of Ireland Life has securitised EUR400mn of value-in-force (VIF) life insurance policies in the first rated European VIF transaction for almost three years, according to ratings agency Standard & Poor's (S&P).

The southern California wildfires, which have been raging across the region since 21 October, look set to cost (re)insurers between $900mn and $1.6bn in insured losses, according to the latest estimates from catastrophe modelling firm Risk Management Solu