October 2012/4

Platinum Underwriters ensured Bermuda's Q3 results season also started with a bang, with the reinsurer's shares gaining 4.4 percent in trading on Thursday (18 October) after earnings were more than double the Wall Street consensus forecast.

Strong third quarter results from early reporting Q3 US P&C insurers have fuelled a surge in share prices in the sector.

Goldman Sachs has exercised its over-allotment option to buy 67.5 million additional Direct Line shares, in a fresh sign that the IPO has been well received.

UK-based aerospace insurer Global Aerospace has announced the reorganisation of its pool following the recent downgrade of 10 percent member Mapfre SA by Standard & Poor's (S&P).

Zurich Insurance Group and Travelers reminded investors of potential issues around reserve adequacy by disclosing more than $700mn of reserve strengthening last week.

Reinsurance broker Aon Benfield is planning to launch its own catastrophe model for European wind risk starting with the German market in 2013, The Insurance Insider has learned.

Private equity-backed insurer ProSight Specialty Insurance has hired a senior London market figure to become the active underwriter of its Lloyd's Syndicate 1110.

Private equity giant Apollo is gearing up to take on European life insurance and reinsurance risk after signing up a team of ex-UBS staff as consultants, The Insurance Insider can reveal.

Shares in JLT Group came under pressure last week after the UK-listed broker said its reinsurance arm will report weaker profits in 2012 than last year.

One of the side effects of the rich crop of results that is expected from reinsurers in a cat-free 2012 is that it will add to the downward squeeze on rates at the key 1 January renewals.

The spread between the price of Flagstone Re's shares and the current value of Validus' stock and cash offer for the company has narrowed over the past month, suggesting increased confidence that the deal will complete without a rival bid.

The sale of Lloyd's business Atrium finally looks set to start in earnest after the insurer's private equity (PE) backers appointed investment bank Keefe Bruyette & Woods (KBW) to handle the auction, The Insurance Insider can reveal.