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  • Expansion of the Florida Hurricane Catastrophe Fund (FHCF) at the beginning of the year has created “new profit opportunities” for reinsurers, according to rating agency Standard & Poor’s (S&P).
  • Munich Re has targeted a potential EUR5bn market with its new unit set up to sell protection against selected enterprise risks.
  • Electronic trading platform RI3K has launched a new messaging service for the (re)insurance industry.
  • The legacy of workers’ compensation carve-out reinsurance – epitomised by the Unicover pool which collapsed in 1999 – re-emerged when CNA Financial Corporation agreed to pay John Hancock $250mn to end a dispute relating to the business.
  • A proposal for a national cat risk pool has met with stiff opposition in the US Senate with some lawmakers refusing to subsidise “a lifestyle of beach living”.
  • QBE European Operations has launched a new reinsurance division in order to bring its Lloyd’s and company business under one roof.
  • Private equity backed Canopius Group Ltd joined the throng of Lloyd's (re)insurers launching Bermudian platforms while also confirming it had appointed corporate advisers to consider "strategic options".
  • Although revenue growth impressed at Benfield Group Ltd's Corporate Risk business (BCR), shares in the broker fell as the John Lapsley-headed division reported a trading loss of £4.6mn...
  • Insurer Brit Holdings plc has reported flat first half profits of £106.8mn following a drop in underwriting profits in the "difficult" UK market.
  • Indemnity style triggers have become an established feature of insurance-linked securities (ILS) transactions and the trend is likely to continue, predicted Aon's Paul Schultz.