October 2007/6

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

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).

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 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.

Leading US congressman Barney Frank has sent two bills to the Senate proposing the extension of the Terrorism Risk Act and the flood insurance programme in anticipation of the upper house’s stalling on the legislation.

The threat of "economic populism" is one of the greatest challenges facing the US insurance industry, according to Property Casualty Insurers Association of America's (PCI) president and CEO David Sampson.