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  • After several weeks of indifferent news, troubled Swiss reinsurer Converium received a welcome boost last Friday (15 October) with the announcement from Standard & Poor’s (S&P) that it was upgrading its insurer financial strength rating from “BBB” to “BBB
  • Hannover Re has announced that it is to sell all operational companies of its US insurer in run-off, Clarendon Insurance Group, to the Bermuda-based legacy specialist Enstar Group.
  • Property catastrophe specialist (re)insurer Lancashire has renewed its flexible sidecar Accordion Re with $250mn of capacity as the retro market continues to offer attractive rates.
  • The uplift in mergers and acquisitions activity in the Lloyd’s market over the last two years has contributed to a shift in the make-up of leading investors in the sector.
  • Global specialty insurer Ace booked a 37 percent year-on-year increase in third quarter net income to $675mn, amid a reduction in cat activity and investment write-downs.
  • Catastrophe modelling firm AIR Worldwide has estimated that the (re)insurance industry could lose up to $8bn as a result of the second Christchurch earthquake, a figure roughly equal to the Chilean quake that proved the most costly catastrophe of last year
  • The London market directors' and officers' (D&O) insurers that placed the coverage for Stanford Financial Group (SFG) and several of its executives are resisting paying a further $3.2mn in legal fees.
  • Commercial US insurance data and analytics provider Advisen is set to announce it has bought UK-based (re)insurance technology firm Web Connectivity, which it says will allow it to foster greater use of structured data in the sector.
  • Full-year accounts for The Hartford show that earnings have rebounded from the losses experienced in 2009, although there was significant deterioration in its P&C earnings during the final quarter.
  • AJ Gallagher achieved a 9.5 percent increase in its 2010 earnings to $135.5mn despite its brokerage segment suffering a 1.7 percent decline in organic revenues over the year.