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.

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 booking its first ever quarterly loss, Bermudian (re)insurer Lancashire Group offered a bullish assessment of prospects in the market, as it heralded a return to hardening conditions.

The US property casualty industry's statutory surplus at the end of the third quarter is projected to have fallen by as much as $42bn, or 8 percent, from the start of the year, according to a report by Towers Perrin.

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

Lloyd's insurer Amlin plc ended prolonged speculation over its star head of underwriting as it revealed Tony Holt will stand down from executive responsibilities at the end of year, taking a non-exec board position.