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  • Bermudian (re)insurers are left with a "limited margin for error" following a period that has seen catastrophe losses erode underwriting profits and investment returns plummet, according to ratings agency Standard & Poor’s (S&P).
  • Troubled Australian insurance group IAG has confirmed it is placing its Singapore-based Lloyd's Syndicate 4455 into run-off and will also close its London-based Lloyd's managing agent Diagonal.
  • Hardy Underwriting Bermuda Ltd (HUB) and Novae Group have become the latest in a succession of Lloyd's-based (re)insurers to point to hardening rates and business opportunities in 2009 in interim management statements.
  • French-headquartered reinsurer SCOR booked a relatively strong net profit for the year to 30 September of EUR280mn – down just 6.7 percent on the prior-year period.
  • US specialist information provider Insurance Services Office has filed for an initial public offering (IPO) in a move that would see the company and its affiliates become subsidiaries of a "publicly traded holding company".
  • As signs emerge of another imminent crash in investor confidence and equity values, nerves among the UK’s life insurers may have been calmed by recent comments from ratings agencies and analysts.
  • Lloyd's based (re)insurers Chaucer and Catlin, have each posted bullish outlooks for 2009 (re)insurance market conditions in respective interim management statements.
  • Zurich Financial Services Group (ZFS) posted a net income of $2.8bn for the last 9 months ending 30 September, a decrease of 32 percent on the same period last year.
  • Hurricane Ike, which made landfall as a category two hurricane over Galveston Island, Texas on 17 September after smashing Cuba and the Caribbean, confounded modelling agencies by forming much further west in the Atlantic than any other storm.
  • The International Underwriting Association (IUA) has thrown its weight behind the proposed Lloyd's messaging hub and announced that it will take part in the pilot of the system, which is due to take place in early 2009 and go live later in the year.