October 2008/4

UK regulator the Financial Services Authority (FSA) is assembling a crisis team of advisers amid fears that the insurance sector is the next to be engulfed by the financial storm that has brought the banking sector to its knees.

Shares in CNA Financial plummeted almost 33 percent yesterday (27 October) after parent Loews Corp said it would pump up to $1.25bn into the US insurer following its $331mn third quarter net loss.

The talent drain at troubled American International Group (AIG) has continued with a raft of resignations in its Global Marine and Energy (GME) practice, including the president of its...

AXIS Capital holdings has become the latest in a line of Bermudian-based (re)insurers to report a third quarter net loss, blaming the impact of hurricanes Ike and Gustav and the “unprecedented” turmoil in global financial markets.

UK based (re)insurance group Brit announced Kathy Lisson, COO will leave the company on 12 May next year.

Legacy sector trade body the Association of Run-off Companies (ARC) and consulting firm Watson Wyatt have launched a key stakeholder group to help drive through the development of individual capital adequacy (ICA) models for run-off businesses.

Increased global errors and omissions (E&O) and directors' and officers' (D&O) liability claims of as much as $20bn related to subprime litigation are expected to impact general insurers' underwriting portfolios, according to a report by analysts at globa

Technology firm eReinsure is thought to have won the race to develop a new electronic placement platform in the Middle East.

Bermudian (re)insurer Argo Group International Holdings Limited (Argo), which acquired Lloyd's managing agency Heritage earlier this year, has launched a new subsidiary aimed at the financial insurance market.

Montpelier Re launching its own Lloyd's managing agency for the 2009 underwriting year after its plans were approved by the Society and UK regulator the Financial Services Authority.

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

Despite a growing voice from the (re)insurance sector supporting the view that the market is turning, some observers believe that a return to hardening conditions across the board remains distant - even amidst mounting pressure on both sides of the balanc