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  • RenaissanceRe slumped to a $231mn net loss for the third quarter as it was hit by the double impact of net realized investment losses and hurricanes Gustav and Ike.
  • Zurich Financial Services Group (ZFS) has joined a growing chorus of (re)insurers to reveal preliminary hurricane loss estimates, with expected claims payments from hurricanes Gustav and Ike amounting to $600mn before tax.
  • 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.
  • 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.
  • AXIS Capital holdings has become the latest in a line of Bermudian-based (re)insurers to report a third quarter net loss, blaming the impact of hurricanes Ike and Gustav and the “unprecedented” turmoil in global financial markets.
  • Shares in CNA Financial plummeted almost 33 percent yesterday (27 October) after parent Loews Corp said it would pump up to $1.25bn into the US insurer following its $331mn third quarter net loss.
  • The talent drain at troubled American International Group (AIG) has continued with a raft of resignations in its Global Marine and Energy (GME) practice, including the president of its...
  • Hiscox has teamed up with AEGIS in a strategic partnership that will allow the Lloyd's insurer to offer its privacy protection product to the Bermuda-based energy
  • Arch Capital Group has replaced John Vollaro, its CFO of almost seven years, with ING’s John Hele from 1 April 2009.
  • Independent (re)insurance broker Cooper Gay has appointed Chris Butcher as MD of FSJ Broking, its UK wholesale division, with immediate effect. Derek Thornton will continue as Executive Chairman and will report to Chris.