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Sub-prime fallout mixed for (re)insurance sector
Shares in troubled UK lender Northern Rock were in freefall today amid a run on the bank as fears continued over its ability to survive the ongoing US sub-prime triggered credit crunch.
17 September 2007
WürttUK team to launch £125mn Lloyd’s syndicate
A new £125mn capacity syndicate headed by WürttUK managing director Stephen Redmond is at the final stages of seeking approval from Lloyd’s franchise performance directorate, Insider Week can reveal.
17 September 2007
Investments drive Novae profits leap
Lloyd’s insurer Novae Group plc’s investment performance has helped the firm beat analysts’ forecasts and post a 22 percent improvement in its first half pre-tax profits.
14 September 2007
Co-op profits washed away by UK flood losses
First half profits at Co-operative Financial Services (CFS), the banking and insurance subsidiary of the UK consumer conglomerate The Co-operative Group, tumbled by 53 percent to £38mn as a result of "exceptional weather-related losses".
14 September 2007
Deutsche to launch cat futures trading
Deutsche Bank is set to launch the trading in catastrophe event-linked futures on the Chicago Climate Futures Exchange (CCFE) later this month, it announced today (12 September).
12 September 2007
Hardy ‘unperturbed’ by soft market as profits rise 49 percent
Lloyd’s (re)insurer Hardy Underwriting Group plc remained upbeat despite pricing pressures as it posted a 49 percent increase in its pre-tax profits for the half-year.
12 September 2007
Validus set to renew energy sidecar
Validus Re will take a decision shortly on whether to renew its $200mn energy sidecar Petrel Re but says it looks likely to continue with the facility.
11 September 2007
Endurance considers Zurich base for Continental expansion
Bermudian Endurance Specialty Holdings Ltd is set to open an office in Continental Europe, with the fast-growing (re)insurance hub of Zurich the likely target, according to sources.
11 September 2007
Roberts quits JLT for Aon
Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon’s expansion into the power sector.
11 September 2007
Zurich estimates $260mn July UK flood loss
Swiss (re)insurance giant, Zurich Financial Services Group, has revealed a net loss estimate of $260mn for the UK July floods, bringing the group’s total tally for this summer’s events to $660mn.
11 September 2007
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