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  • Concerns that American International Group’s $85bn Federal Reserve loan would not be sufficient were relieved late yesterday when the embattled insurance giant received a further $38bn in cash collateral from the Federal Reserve Bank of New York.
  • 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
  • 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 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.
  • ICAT Syndicate 4242, the US property catastrophe specialist managed on a turnkey basis by Lloyd’s insurer Chaucer Holdings plc, is seeking new capital providers as it looks to maintain its 2008 capacity at 2007 levels.
  • The Lloyd’s sidecar vehicle, Managing Agency Partners (MAP) Syndicate 6103, intends to renew its capacity for 2009.
  • As individual net loss estimates continue to trickle in from (re)insurers for exposures to hurricanes Gustav and Ike it appears that property cat specialists Renaissance Re and Bermudian class of 2001 player Montpelier Re have...