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  • South African broker Alexander Forbes saws its shares plummet by as much as 11 percent last week as it warned its year-end results would be lower than expected because of reduced earnings in its UK operations.
  • HCC Insurance Holdings Inc revealed that it faces gross Hurricane Rita exposures of $70mn which would net down to $20mn after reinsurance, and $13mn with tax. In a statement, HCC founding chief executive Stephen Way explains: “Rita represents a...
  • Global reinsurer Scor has finalised the divestment of its US fixed annuity business to Athene Holdings for $55mn.
  • Jardine Lloyd Thompson Group plc (JLT) plans to overhaul its staff pension scheme in a bid to reduce the £146mn deficit which hangs over the company.
  • Insurers face a greater threat from weak pricing than from the credit crisis in the months ahead, according to Swiss Re.
  • Bermudian reinsurance ACE Ltd has announced a record net income of $489mn for the first quarter of 2006 despite an $80mn charge to cover an imminent settlement with regulators.
  • Bermudian giant XL Capital reported on 26 July that it had almost trebled its second quarter net income to $377.1mn, up from $135.9mn in the prior-year period.
  • The European Insurance and Reinsurance Federation (CEA) elected Sergio Balbinot to serve as president at its general assembly in Athens last week.
  • Expressions of interest in acquiring Sagicor's Lloyd's business are due by the end of the month, The Insurance Insider can reveal
  • The Conservative Party has abandoned immediate plans to abolish the UK regulator the Financial Services Authority (FSA) as a concession to its coalition partners the Liberal Democrats.