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  • Bermuda-based run-off company Castlewood Holdings, together with Shinsei Bank, has bought Aioi Insurance Company of Europe (Aioi Europe) for £62mn. Aioi Europe, a London-based subsidiary of Japanese insurer Aioi Insurance Company, wrote the...
  • Moody's has said that its downgrade today (24 August) of the Japan Government Bond (JGB) rating to Aa3 from Aa2 will not directly affect the Aa insurance financial strength (IFS) ratings of three Japanese P&C insurers.
  • Fitch Ratings announced it is maintaining its Positive outlook on the non-life sector in France, despite the coming downturn in the market and warnings of a looming price war.
  • Bermudian reinsurer Aspen today (6 December) increased its hurricane losses to a range of $470mn to $535mn (previous upper end of $400mn) and announced plans to raise $400mn in new capital.
  • Lloyd’s insurer Hiscox Ltd has come to an agreement with members’ agents over plans to launch a new syndicate backed 100 percent by its own capital to transfer business currently underwritten on its Names-backed Syndicate 33.
  • German reinsurer Cologne Re, part of Warren Buffett's General Re group, posted first-half profits of EUR166.6mn, up from EUR129.2mn in the prior-year period, despite being hit by catastrophes in Europe and Australia.
  • Thousands of jobs are under threat at UK household insurer Norwich Union after its parent, Aviva, announced £350mn of cost savings in the UK by the end of 2009.
  • Lloyd’s insurer will ask for shareholders’ approval before continuing to write controversial viatical schemes GoshawK, the quoted Lloyd’s insurer, has agreed to seek their shareholders’ approval before writing viatical insurance - the controversial pra
  • Australia has been hit by its worst natural disaster in over a century as bushfires took hold in the southern state of Victoria on 7 February and swept through towns killing 135 people and destroying at least 800 homes.
  • Guy Carpenter, which last week launched a CDO-style property cat product (see story 7), has further committed itself to the development of alternative capital markets solutions with the hire of Laurent Digna from Société Générale.