October 2008/4

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

Shares in beleaguered American International Group (AIG) plummeted a further 18 percent in early trading today as fears grow that the company may be running out of time to sell assets to pay off its mounting government debt burden.

Arch Capital Group has replaced John Vollaro, its CFO of almost seven years, with ING’s John Hele from 1 April 2009.

Independent (re)insurance broker Cooper Gay has appointed Chris Butcher as MD of FSJ Broking, its UK wholesale division, with immediate effect. Derek Thornton will continue as Executive Chairman and will report to Chris.

Fast expanding Lloyd's insurer Jubilee Managing Agency has hired Norman Topche from Willis Re to take the position of director of reinsurance.

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.

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.

Brit Insurance Holdings plc has pulled out of its binding authority agreement with aviation managing general agency (MGA) Augsburg Re, The Insurance Insider can reveal.

Transatlantic Re's determination to protect its interests as its embattled majority shareholder seeks to sell its stake is deterring potential buyers, The Insurance Insider can reveal.

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".

American International Group (AIG) announced the appointment of key executives last week it hopes will steer it through the current crisis that threatens to engulf the US insurer.

Hiscox has teamed up with AEGIS in a strategic partnership that will allow the Lloyd's insurer to offer its privacy protection product to the Bermuda-based energy