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  • Shares in several (re)insurers both sides of the Atlantic have continued to slide today, despite coordinated efforts by central banks to provide stability to the banking sector and wider financial markets.
  • A US congressional committee has criticised former AIG executives during a hearing to examine the regulatory mistakes and financial excesses that led to the $85bn bailout of the insurance giant on 16 September.
  • Bermudian-headquartered run-off specialist Enstar Group Limited has announced that its wholly-owned subsidiary, Royston Run-Off Ltd, has won the race to buy Unionamerica Holdings Ltd, the discontinued operations of the Travelers companies’ Inc’s UK-based
  • Buffy and his correspondent join us from the Digest of Lloyd’s News, Oliver Carruthers’ splendid journal on Lloyd’s affairs...
  • Swiss Re has partnered with on-line weather derivatives platform CelsiusPro Ltd to underwrite European weather derivatives.
  • Ratings agency Standard & Poor’s (S&P) downgraded four cat bonds guaranteed by failed investment bank Lehman Brothers in September, signalling further contagion of the financial sector crisis in the insurance linked securities (ILS) market.
  • The annual migration of the US legacy business to the fringes of New York occurs this month with the melt-down in the financial markets and the implications for (re)insurers the inevitable main topics of conversation.
  • The legacy sector is eagerly awaiting news on Travelers’ decision over the sale of its UK-based long-tail run-off business, Unionamerica Insurance Company, which attracted a frenzy of potential buying interest over the summer.
  • Tawa plc’s share price is now 40 percent lower than its 2007 IPO price as investors responded badly to the firm’s profit slump last month on the back of continuing losses from the bond portfolio of its CX Re subsidiary...
  • Lloyd’s insurer Hiscox Ltd has come to an agreement with members’ agents over plans to launch a new syndicate backed 100 percent by its own capital to transfer business currently underwritten on its Names-backed Syndicate 33.