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  • Munich Re's Lloyd's operation Beaufort Underwriting Agency Ltd has received approval for its new, wholly-aligned syndicate to begin underwriting for the 2009 year of account, as first revealed by The Insurance Insider in September.
  • A Financial Services Authority (FSA) decision not to mandate broker commission disclosure in the UK wholesale market has been met by a polarised reaction from trade associations representing UK brokers and large buyers of insurance.
  • Bermudian (re)insurer Aspen Insurance Holdings Limited has announced that its subsidiary, Aspen Insurance UK Limited, has been authorised by the Australian Prudential Regulation Authority to operate as a branch insurer to underwrite general insurance busi
  • The US-based researcher the National Centre for Atmospheric Research (NCAR) has announced innovative research into future hurricane activity based on a new approach to climate modelling using its Bluefire supercomputer.
  • The National Association of Insurance Commissioners (NAIC) finally adopted its Reinsurance Regulatory Modernisation Framework Proposal (RMFP) on 7 December in a long-awaited move which will overhaul the US' current state-based regulation of alien reinsure
  • 2008 is likely to be the second-worst year on record for natural catastrophes, with economic losses to date of some $160bn, according to Munich Re.
  • Insurers may face errors and omissions (E&O) and directors and officers (D&O) losses following the collapse of hedge fund business Madoff Investment Securities.
  • Swiss Re is effectively on risk for half of the $3.1bn 2009 reinsurance programme placed for the California Earthquake Authority (CEA), The Insurance Insider understands.
  • Bermudian (re)insurer Max Capital Group has had its outlook upgraded to positive from stable on all of its ratings by AM Best, which has also affirmed the financial strength rating (FSR) of A- (Excellent) of Max Bermuda.
  • As a result of the most severe financial crisis since the 1930s, the world will see a severe recession without the prospect of a rebound before mid 2009...