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RGA first quarter hit by mortality losses
US life reinsurer Reinsurance Group of America (RGA) reported a sixty percent drop in net income to $31.5mn, or $0.49 per diluted share for the first quarter of 2008, spurred by "poor claims experience" in the US and UK mortality markets.
21 April 2008
UK motor rates in surprise fall
UK motor insurance rates will have to increase by approximately 20 percent for the sector to return to profitability, according to UK financial services firm AA's recent Insurance Index.
21 April 2008
Former Marsh PSA execs given weekend jail terms
The two former Marsh Inc executives who were found guilty in February of taking part in bid-rigging have been sentenced by a New York judge.
21 April 2008
$30-50bn loss needed to halt decline in property cat reinsurance
At current pricing levels, it would take a $30-50bn ground-up property loss to reverse the slide in property cat reinsurance rates, according to Aon Re Global.
21 April 2008
Ironshore subsidiaries assigned A- rating
Bermudian (re)insurer Ironshore Insurance Ltd's fledgling subsidiaries Ironshore Indemnity Inc (III) and Ironshore Specialty Insurance Company (ISIC) have been assigned A- financial strength ratings and issuer credit ratings of a- by AM Best.
21 April 2008
$5bn fall for US P&C profits last year
Profits for the US property & casualty industry fell by almost $5bn to $66.5bn last year compared to the prior year period, according to rating agency AM Best.
21 April 2008
Lloyd's appoints North America chief
Former Wells Fargo executive LoriAnn Lowery has been appointed by Lloyd's as its new president of North America.
21 April 2008
Omega breaks off sale talks
Lloyd's insurer Omega Insurance Holdings Ltd announced last week that it had terminated talks with potential suitors interested in acquiring the company.
21 April 2008
Benfield Advisory builds innovative WC catastrophe facility
Specialist corporate finance firm Benfield Advisory has developed a new parametric reinsurance product, aimed at transferring workers' compensation catastrophe (WCC) coverage to reinsurers and the capital markets.
21 April 2008
Cooper Gay in advanced talks to buy Heath Lambert wholesale arm
(Re)insurance broker Cooper Gay & Co Ltd is in advanced talks to acquire the wholesale operations of Heath Lambert Group, The Insurance Insider can reveal.
21 April 2008
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