October 2009/1

Shares in Omega Insurance Holdings have dropped nearly 10 percent this morning after the (re)insurer announced the sudden departure of John Robinson, who has stepped down from his position as chief underwriting officer (CUO) with immediate effect.

Transatlantic Holdings and Aspen Insurance Holdings reported record third quarter profits with Everest Re also booking a dramatic swing in fortunes against the prior-year period as the theme of bumper returns from benign underwriting conditions and recove

After booking second quarter net profits, XL Capital has slipped into the red once again as its bottom line was hit by realised investment losses in Q3 and its top line showed further evidence of the franchise damage inflicted in 2008.

The current environment of falling economic growth and less demand for (re)insurance products makes it "more or less impossible to increase prices," according to Lloyd's franchise performance director Rolf Tolle.

Bank of America is shutting down its loss-making Lloyd's syndicate at the end of the year, with the vehicle to be placed into run-off, The Insurance Insider can reveal.

RenaissanceRe generated a combined ratio of just 43.3 percent in the third quarter, as it benefitted from the unseasonably benign catastrophe loss climate.

Maurice "Hank" Greenberg’s CV Starr & Co has denied aggressively poaching dissatisfied American International Group (AIG) employees.

Private equity-backed insurer Torus is experiencing rapid growth in its casualty profile and is expected to post a modest pre-tax profit for 2009.

Willis is in exclusive talks with private equity firm Astorg Partners to sell down its stake in the French broker Gras Savoye and avoid the potential obligation to buy out minority shareholders next year for hundreds of millions of dollars.

Three former Marsh excess casualty executives were cleared yesterday (26 October) of bid-rigging.

After a lengthy impasse, Russian-backed private equity firm Pamplona Capital Management has finally upped its shareholding in Lloyd’s insurer Chaucer to 16.27 percent.

Lloyd’s (re)insurer Brit has posted an upbeat Q3 management outlook as its reinsurance and UK markets business units achieved strong premium growth to offset declines at its global markets division.