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  • 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.
  • 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.
  • 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.
  • 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".
  • 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).
  • 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.
  • 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.
  • 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.
  • Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon’s expansion into the power sector.
  • 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.