October 2009/2

Market Reform Group rebrands; HCC Insurance Holdings forms Texas Regional Surety Office; AM Best withdraws ratings of White Mountains Re Bermuda; FSA chairman outlines factors for successful European regulation...

Ratings agency Fitch revised its outlook on PartnerRe to negative from stable last week, after the Bermudian acquired an 83 percent stake in Paris Re earlier in the month.

Symetra - the former Safeco spin-off life and health insurer that counts White Mountains Insurance Group and Berkshire Hathaway among its major investors - has filed for a $575mn initial public offering (IPO).

Mutual insurers are increasing global market share, as the financial crisis and global recession has increased their attractiveness to customers compared to public company peers, according to a study by ratings agency AM Best.

The US run-off industry once again prepares for its annual migration to New Jersey as the fifth Association of Insurance and Reinsurance Run-Off Companies (AIRROC) event begins on the 19 October.

Ahead of another key renewal date for the airline sector comes a further report that airline reinsurance prices are "generally rising" as underwriters digest a heavy loss year which is already fuelling significant primary rate increases.

Estimated insured losses from Typhoon Melor for onshore properties in Japan range from $850mn to $1.5bn, according to risk modelling firm AIR Worldwide.

The UK Financial Services Authority (FSA) has shed light on its "more intrusive" regulatory regime for approving and supervising "persons performing significant influence functions" (SIFs).

AJ Gallagher's London operation confirmed it has hired the trade credit team that defected from former HCC-owned broker Rattner Mackenzie before the entity was sold to Guy Carpenter.

The keenly awaited case management conference for the Scottish Lion scheme of arrangement due to take place today (12 October) has been delayed. The meeting is thought to have been rescheduled for Wednesday (14 October)

French reinsurer Scor has built out its presence in the Dutch life reinsurance market with the establishment of an office in the Netherlands through its subsidiary, Scor Global Life.

American International Group (AIG) is close to announcing the sale of its Taiwanese life assurance unit, according to reports, in what would be the largest deal to date in its asset shedding exercise to repay the US taxpayer.