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October 2008/3

  • Under fire US insurer American International Group (AIG) has been pressed to provide more detail on how it has used the money drawn down on its combined $123bn taxpayer bail-out funding so far.
  • UK life insurer Prudential has emerged as a potential bidder for some of AIG’s Asian Life units, according to reports. The reports said that the UK firm is understood to be willing to issue new shares to the value of £1.3bn...
  • Arch Capital Group Ltd is close to launching a new Dublin-based reinsurer that will act as a hub for its European reinsurance operations, The Insurance Insider can reveal.
  • Flagstone Reinsurance Holdings Ltd has become the eighth Bermudian to secure a Lloyd’s platform since the start of 2007 with an agreement to buy Marlborough Underwriting Agency Ltd from Berkshire Hathaway.
  • Banking and insurance company ING Group NV has become the latest in a string of financial groups to acquire state aid in the form of substantial bail-outs, receiving a EUR10bn investment from the Dutch government.
  • The International Association of Insurance Supervisors (IAIS) agreed to adopt six supervisory papers on the key issue of solvency assessment at its annual conference 2008 in Budapest last week.
  • XL Capital preannounced an estimated third quarter net loss of $1.65bn to $1.67bn that confirmed a $1.4bn charge in relation to its August transaction to close the majority of liabilities to former bond insurer affiliate Security Capital Assurance (SCA).
  • ACE Ltd has continued its efforts to grow in markets traditionally dominated by American International Group (AIG) by boosting its commercial D&O capability with a move to write the business at Lloyd’s.
  • The Insurance Insider London 100 (www.london-100.com ) meeting of 16 October heard an uncommonly positive outlook on the potential severity of the financial crisis from guest speaker Howard Wheeldon, London-based senior strategist of interdealer broker BG
  • Analysts at ratings agency Fitch downgraded their rating outlook for the combined insurance and reinsurance sectors from stable to negative on Friday (17 October).
  • Broker Aon expects hardening market conditions to be sustained through October, November and December renewals with a closing gap between rates charged by lead and following insurers on placements.
  • Specialist Lloyd’s insurer Jubilee Managing Agency has confirmed its appointment of Andreas Loucaides a director of underwriting, a move first revealed in June by The Insurance Insider.
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