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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.
  • 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.
  • 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...
  • Willis Group shares fell heavily after the broking giant reported third quarter profits below analysts’ expectations and said it was reviewing targets for 2009 and 2010 because of the financial turmoil.
  • A slew of US and Bermudian (re)insurers reported dismal third quarter results as they fell victim to natural catastrophe losses and the credit crunch continued to bite with realised and unrealised losses on investment portfolios.
  • UK-listed broker Jardine Lloyd Thompson (JLT) group has appointed Patrick Snowball to its board as a non-executive director.
  • 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
  • Fitch Ratings group managing director Keith Buckley has said the (re)insurance industry is currently a "dicey environment", warning "not to be scared as to what happens to this industry is to not be paying attention".
  • UK broking giant Aon Limited has appointed Pauline Colving to be UK chief risk officer.
  • UK based (re)insurance group Brit announced Kathy Lisson, COO will leave the company on 12 May next year.
  • Arch Capital Group has replaced John Vollaro, its CFO of almost seven years, with ING’s John Hele from 1 April 2009.