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October 2007/6

  • Brian O'Hara, president and CEO of Bermudian (re)insurer XL Capital announced last week that he will retire from the post in mid-2008, drawing the current chairman...
  • 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.
  • Early-reporting (re)insurers and brokers posted a healthy set of third quarter results last week, reflecting a quiet US catastrophe year to date and boosted by increased retention rates and reserve releases, according to William Wilt, analyst at Morgan St
  • Deccan Value Advisors LP, the hedge fund which specialises in buying firms that look under-priced, has continued to build its stake in the UK quoted reinsurance intermediary, Benfield Group.
  • 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.
  • 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
  • The four-month trial of three former Independent Insurance Group plc (IIG) executives ended with a successful conviction for the Serious Fraud Office (SFO) and a total of 14 years in jail sentences last week.
  • 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.
  • German giant Hannover Re has established a new life reinsurance subsidiary in Bermuda, the firm announced last week.
  • Advent, the quoted EC3 reinsurer, has said it is exposed to a potential small loss from Lloyd's decision to invest in Mainsail II, the stricken structured investment vehicle (SIV).
  • Despite a drop in gross written premiums for the third quarter of 2007, US commercial lines insurer WR Berkley reported net income of $180mn or 93 cents per share, buoyed by a...
  • Willis Group Holdings improved both its top and bottom lines in its third quarter results, which were published last week.
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