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  • The Association of British Insurers (ABI) has said the cost of the recent UK floods is expected to reach £1bn, double the £500mn estimated by modeller Risk Management Services yesterday.
  • Karel Van Hulle, head of insurance and pensions unit at the European Commission and responsible for the preparation of the Solvency II regulation has said that the deadline for implementation of the regulation will be pushed back by two years to 2012.
  • Jacques Aigrain, CEO of reinsurance giant Swiss Re described insurance linked securitisations (ILS) as a “major revolution in how we perform in the market”, and predicted that the ILS market could reach $1trn by 2016.
  • The devastating floods that have hit large parts of England this week will inflict insured losses in excess of £500mn, according to Risk Management Solutions (RMS) estimates.
  • Paris Re has priced its forthcoming initial public offering (IPO) with a range of EUR19.35 to EUR22 a share, which could raise up to EUR311.9mn at the mid-point price.
  • Guy Carpenter has swooped for Chris Klein, the head of rival Benfield Group's counterparty risk unit.
  • Swiss Re, an increasingly dominant force in insurance linked securities, is the counterparty in the first transaction to reference an existing cat bond as a trigger with the launch of $140mn Fusion 2007 Ltd.
  • Lloyd’s (re)insurance broker, Newman Martin and Buchan Ltd (NMB), has become the latest intermediary to launch a capital markets division, which will be headed by alternative risk transfer veteran Mark Burbidge and senior reinsurance player, Paul Dunster.
  • Swiss (re)insurer Zurich Financial Services Group (ZFS) announced the establishment of a new division for its direct business in Europe effective 1 July, with a subsequent internal management re-shuffle.
  • Balance sheet confidence is high among Bermudian (re)insurers following a strong 2006 and first quarter 2007, with share buy-backs and reserve releases prevalent on the island despite softening market conditions, according to the latest Benfield Bermuda Q