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  • Bermudian cat specialist Flagstone Re ran up a combined ratio of 94 percent in the second quarter of the year despite the absence of significant cat events and has remained silent on the M&A process that was run earlier this year.
  • Lloyd's (re)insurer Novae has announced a bond exchange offer to holders of its subordinated £100mn callable fixed to floating rate notes, which could add around £9mn to its bottom line.
  • The European Parliament (22 April) approved the Solvency II framework directive without the contentious group support provision – a development which European insurance and reinsurance federation the CEA described as a "missed opportunity".
  • Fitch Ratings has downgraded the insurer financial strength (IFS) ratings of Spanish (re)insurance group Mapfre and its core operating subsidiaries by one notch from A+ to A.
  • Laura Pendergest-Holt, the chief investment officer for Stanford Financial Group, has been indicted by a Houston federal grand jury on charges of obstruction of justice and conspiracy to obstruct justice.
  • Irish-domiciled specialty (re)insurer Global Indemnity reported a $23.6mn net loss for the fourth quarter as a reserve strengthening exercise weighed on results.
  • Aon Re Global has promoted Robert Johnston to become president of its Bermuda operations, Aon Re Bermuda.
  • Giant reinsurer Swiss Re reported a 41 percent drop in its 2005 net income to SFr1.451bn from SFr2.475bn in the prior-year, a result that reflected a tough year for reinsurers. Swiss Re absorbed SFr3bn in large natural catastrophe claims following...
  • German reinsurer Hannover Re has revealed plans to realign its under performing US subsidiary Clarendon away from program business to specialty insurance, potentially cutting gross premiums by $1bn and increasing group net retention to 80 percent...
  • South African insurance broker Alexander Forbes has launched a joint venture with PDS Holdings which plans to become Africa’s largest reinsurance broker, the firm announced last week.