October 2008/4

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.

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".

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.

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.

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

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.

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.