October 2008/1

Ironshire Insurance Ltd president and chief underwriting officer Les Rock has resigned from the Bermudian insurer for “personal reasons”.

Shares in Hartford Financial Services Group have slumped more than 35 percent in early trading today after the US insurer booked a $2.6bn Q3 loss, lowered its full-year forecasts, and failed to reassure analysts over its capital position.

RenaissanceRe slumped to a $231mn net loss for the third quarter as it was hit by the double impact of net realized investment losses and hurricanes Gustav and Ike.

Newly Swiss-domiciled (re)insurer ACE Ltd has avoided the third quarter net losses posted by a number of its peers, but nevertheless saw its net income decimated by net realised investment losses and catastrophes as it plummeted 92 percent to $54mn.

Lloyd’s (re)insurer Advent Capital Holdings plc is on course to end the year in the black after a volatile first three quarters that have seen it just about break even for the year to 30 September 2008.

Zurich Financial Services Group (ZFS) has joined a growing chorus of (re)insurers to reveal preliminary hurricane loss estimates, with expected claims payments from hurricanes Gustav and Ike amounting to $600mn before tax.

Modeling firm Risk Management Solutions (RMS) has almost doubled its initial estimate for industry losses from Hurricane Ike to a range of $13bn to $21bn – making it the third most expensive US hurricane in history.

Willis Group shares were trading down heavily after the broking giant reported third quarter profits below analysts’ expectations and said it was reviewing profit targets for 2009 and 2010 because of the financial turmoil.

Lloyd’s insurer Amlin plc has revealed its star head of underwriting Tony Holt will stand down from executive responsibilities at the end of year, taking a non-exec board position.

Securities law firm Klayman & Toskes has filed a class action against a list of prominent investment banks alleging that they failed to identify “misstatements and omissions” in an American International Group prospectus for a debt issue they were underwr

Up-for-sale Transatlantic Holdings Inc has become the latest (re)insurer to post a net loss for the third quarter as the combination of financial market turmoil and catastrophe losses weighs heavy on the sector.

Former Independent Insurance executive Keith Rutter has left (re)insurance broker Lockton International for US insurer AmTrust.