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  • Tower Group has warned that Superstorm Sandy will "easily" cause the largest catastrophic event in its history as it estimated fourth quarter pre-tax net losses in a range of $90mn-$95mn in its direct business
  • Operating earnings at Maiden Holdings came in ahead of analysts' consensus forecasts as the reinsurer highlighted a quarter that included top line growth and added to strong book value growth in 2012 so far
  • Insurers operating without a credit rating took more than 12 percent of the £240mn UK solicitors' professional indemnity (PI) insurance market at the 1 October renewals, according to figures supplied by the Solicitors Regulation Authority
  • Munich Re has told investors to expect a "mid three-digit million euro range" loss from Hurricane Sandy, but was still sufficiently confident about its 2012 performance to increase overall profit guidance
  • The (re)insurance industry is waking up to the prospect that losses from Superstorm Sandy are likely to be significantly higher than first anticipated for a modelled Category 1 hurricane striking the north-east US
  • Transatlantic Re contributed the lion’s share of underwriting profit at Alleghany Corp as the US insurer booked a surge in pre-tax profits for the third quarter.
  • Alterra Capital third quarter operating profits missed analysts’ consensus forecasts as the Bermudian took a hit on its crop book and reported deteriorating combined ratios in its US insurance and Lloyd’s businesses.
  • Dealing with Solvency II compliance dominated management time during the takeover of Flagstone's Lloyd's operation Syndicate 1861, according to ANV deputy chairman Adam Barker.
  • London-listed insurer Lancashire says its new $250mn special purpose vehicle, Saltire Re, will be one of the first vehicles to transfer non-catastrophe risks to capital markets investors.
  • Lloyd's head of exposure management and reinsurance Trevor Maynard has informed the market that a formal request for managing agents' estimated gross and net loss exposures to Superstorm Sandy will be sent out later this week.