October 2008/1

US (re)insurer Travelers’ net income for the third quarter plummeted to $214mn compared to $1,198bn in the same period last year. Overall, underwriting losses were $208mn for the quarter compared to an underwriting profit of $520mn in the previous year.

US (re)insurer Travelers’ net income for the third quarter plummeted to $214mn compared to $1.198bn in the same period last year.

Bermudian (re)insurer Platinum Underwriters Holdings Ltd reported a Q3 net loss of $45.3mn, compared to $91.3mn for the same point in 2007.

Fitch Ratings has put XL Capital on Rating Watch Negative on concerns over the (re)insurer’s capital position following its announcement of heavy investment losses.

Bermudian (re)insurer Platinum Underwriters Holdings Ltd reported a Q3 net loss of $45.3mn, compared to $91.3mn for the same point in 2007.

A $115mn settlement in the litigation brought by New Orleans Teachers' Retirement System against four former AIG chief executives and CV Starr & co has been preliminarily approved by Delaware Chancery Court.

The New York insurance authorities are considering the innovative approach of putting the liquidation of Midland Insurance Company out to tender in a bid to improve the returns available to policyholders.

Lloyd’s expects its members to face net claims of £1.3bn, or $2.34bn, from hurricanes Gustav and Ike, based on an aggregate $20-25bn industry loss.

Hannover Re has issued a profits warning as it said would be unable to meet its full-year targets as a result of the double impact of financial markets turmoil and heavy catastrophe losses.

Flagstone Reinsurance Holdings Ltd has ended its search for a Lloyd’s platform with an agreement to buy Marlborough Underwriting Agency Ltd from Berkshire Hathaway, as it becomes the eighth Bermudian to establish a Lime Street presence since the start of

AM Best has downgraded Bermuda-based insurer XL Life reinsurance’s financial strength rating from A to A-, citing declining premium and capitalisation pressure as its parent, XL Capital Ltd has been winding down its business profile...

Shares in specialty (re)insurer Catlin Group Limited, were under pressure in London this morning as it unveiled Q3 estimates for mark to market investment declines and losses from Hurricane Ike and Gustav totalling 11 percent of shareholders’ Q2 equity.