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  • Capita CMGL has confirmed the reinsurance to close (RITC) transfer of the run-off Duncanson & Holt Syndicate 55 to a new Lloyd’s syndicate backed by CarVal Investors LLC, as first revealed in the July issue of The Insurance Insider.
  • Although (re)insurers are expected to unveil strong figures as the reporting season begins in earnest this week, analysts will assess the wider impact from high-profile second quarter catastrophe events in the UK and Australia following IPCRe’s...
  • A solvent scheme of arrangement for the reinsurance business written through the GLM Pool was sanctioned by the UK High Court in London earlier this month.
  • Insurance giant American International Group (AIG) is facing lawsuits from two Minnesota workers compensation insurance associations seeking $100mn in damages for alleged fraudulent business practices, according to reports.
  • Shares in Bermudian reinsurer Everest Re Group Ltd slipped after a Bear Stearns analyst downgraded the company on "limited growth opportunities and declining profitability".
  • Fitch Ratings next-generation stochastic capital model, PRISM, will change the way risk is assessed for (re)insurers, the rating agency has claimed.
  • Bermudian reinsurer IPCRe warned last week that its 2007 profits would be affected by the recent storm and flood events on opposite sides of the globe in the UK and Australia.
  • The value of Names’ right to participate on Lloyd’s syndicates could be put to the test after the £193.2mn deal between Bermudian firm Ariel Re and Atrium Underwriting plc (see article 2).
  • State-backed Florida Hurricane Catastrophe Fund (FHCF) is planning to bolster its cash reserves with a potential $10bn bond issuance.
  • UK-listed broker Jardine Lloyd Thompson (JLT) has expanded its Bermudian operations with the acquisition of Park (Bermuda) Ltd (Park) for up to $11.8mn cash.