October 2008/3

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.

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 soon-to-be giant broking combine Aon Benfield Re has finalised the management structure for its analytics team, as it emerged last week that Benfield shareholders had voted 99.8 percent in favour of the union with Aon.

Everest Re, Catlin, Max Capital and Aspen joined a growing chorus of (re)insurers publishing preliminary Q3 results outlooks reflecting heavy investment writedowns – in addition to the impact of hurricane losses (see article 6).

Ascot Underwriting founder Martin Reith has stepped down as its CEO just months after agreeing a deal with American International Group (AIG) for the Lloyd’s insurer to become a wholly owned subsidiary of the troubled US giant.

Swiss Re and private equity firm CVC are in “advanced talks” to buy a majority stake in Royal Bank of Scotland’s up-for-sale insurance operations, according to reports.

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.

Amlin cut its 2008 profit forecast by £45mn after tax today as it become the latest (re)insurer to reveal the impact of Hurricane Ike with the bill from last month’s storm rising based on industry estimates in excess of those published by...

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...

Troubled global insurer AIG is facing a tough squeeze on its aviation and US directors’ and officers’ liability (D&O) books of business, according to senior market sources.