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  • Sagicor Group of Companies has announced that group net profits increased by around $9mn compared with the prior-year period after profiting from the Lloyd's platform it acquired in September 2007.
  • Tropical Storm Fay is expected to reach hurricane strength after crossing western Cuba and is on track to hit Florida later today (18 August), according to forecasters at Tropical Storm Risk.
  • Benfield Group Ltd received a boost last week after Merrill Lynch upgraded the stock to "Buy" following its solid first-half year results.
  • Lloyd's insurer Hiscox Ltd has posted a rise in pre-tax profits with reserve releases, a solid investment performance and strong underwriting returns defying the gloom of the soft market and credit crunch.
  • BluePoint Re Ltd, the Bermuda-based financial guaranty reinsurer owned by US bank Wachovia Corp, has filed for Chapter 15 bankruptcy protection in New York, citing defaults on mortgage-related products.
  • Aon Corporation has announced the launch of a new Takaful unit, which will form part of its reinsurance arm Aon Re Global.
  • Bermudian energy mutual Oil Insurance Ltd has reduced the 2008 premiums due from its members at last month's board meeting.
  • Risk Management Solutions (RMS) has launched new winter storm and severe convective storm models for North America to assess losses from different weather events.
  • Interbroker-dealer Evolution Markets has launched a new division for trading and structuring catastrophe derivatives following its successful entry into the weather derivatives market.
  • Ratings agency Standard & Poor's revised its outlook for the US commercial lines and property & casualty (P&C) sector to negative last week on the back of continued price softening and declining investment returns.