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  • Expanding specialty insurer WR Berkley recruited AIG’s offshore energy president Frank Costa to head a start-up operation last week.
  • Newly Swiss-domiciled (re)insurer ACE Ltd has avoided the third quarter net losses posted by a number of its peers, but nevertheless saw its net income decimated by net realised investment losses and catastrophes as it plummeted 92 percent to $54mn.
  • Ahead of tomorrow’s US presidential elections frontrunner Democratic candidate Senator Barack Obama appears to be making inroads among professionals in the traditionally Republican-dominated insurance industry, according to a poll conducted by AM Best’s B
  • Swiss-domiciled reinsurer Paris Re has increased its loss estimate for Hurricane Ike to $130mn from an original figure of $75-$95mn reported in late September.
  • A survey by Towers Perrin has found that the process of integrating Enterprise Risk Management (ERM) into businesses is proving challenging, with significant work still required to utilise economic capital (EC) in decision making.
  • UK regulator the Financial Services Authority (FSA) is assembling a crisis team of advisers amid fears that the insurance sector is the next to be engulfed by the financial storm that has brought the banking sector to its knees.
  • Lloyd's (re)insurer Advent Capital Holdings plc is optimistic about prospects for 2009 after a volatile first three quarters that have seen it just about break even for the year to 30 September 2008.
  • Fairfax subsidiary OdysseyRe has posted a third quarter net income of $121.5mn, up $9.4mn on the same point last year, as it became one of the few companies in the sector to benefit from net realised gains.
  • Former president of AIG Global Energy Property David Hawksby is set to head a new energy team at Talbot Underwriting, the Lloyd’s operation of Bermudian (re)insurer Validus Holdings, The Insurance Insider can reveal.
  • Aspen Insurance and RenaissanceRe became the latest Bermudians to post Q3 net losses hit by heavy hurricane and investment losses.