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  • Forecaster Tropical Storm Risk (TSR) has lowered its prediction for the North Atlantic hurricane season from 55 percent above the norm to 40 percent.
  • Relations between Catlin Group Ltd and AM Best appear to have thawed with the Bermuda-headquartered (re)insurer welcoming the agency’s move to assign ratings to its US admitted lines operation, and upgrade Catlin Specialty Insurance Company (CSIC).
  • Lloyd’s members’ agent Hampden Agencies Ltd is set to derail the proposed merger of AIM-listed insurer Heritage Underwriting Agency plc’s syndicates, after it recommended that Names reject the plan.
  • The scale of the UK’s flood damage is now likely to cost the insurance industry more than £1.5bn, according to the Association of British Insurers (ABI).
  • On the eve of publication of the European Commission (EC) Solvency II directive, (re)insurance groups and niche players are set to benefit from the proposed capital changes, but mid-sized, generalist companies may lose out, according to accounting firm P
  • Bermudian firm Aspen Insurance Holdings is to enter the Professional Liability Insurance market later this year through its UK operation.
  • Companies who think more astutely about managing their risk exposures will reduce the volatility in the cost of financing risk, according to a report by broker Marsh.
  • UK motor insurer Highway Insurance Holdings plc said last week that its broking subsidiary has agreed to spend £2mn on a book of 32,000 private car policies from Budget Group-owned intermediary Local Broker.
  • Insurers are electing to retain more risk, which is fuelling greater competition among reinsurers, according to Willis Re’s review of the mid-year renewals published last week.
  • Lloyd’s insurer Kiln plc has revealed its intention to drop the capacity of its four syndicates by 14 percent to £847mn next year in the face of the cycle downturn.