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  • French reinsurer SCOR SA successfully closed its EUR160mn Atlas IV cat bond transaction, taking its tally of insurance linked securities deals to five.
  • Willis Group Holdings announced today that it has agreed to acquire the Italian reinsurance broker Ital Re SpA, for an undisclosed sum.
  • Seven insurers reached a $2bn settlement with World Trade Center (WTC) developer Larry Silverstein last week bringing to an end more than five years of litigation between the parties.
  • In a new report, ratings agency Moody’s has suggested that core reserves (i.e. reserves excluding asbestos and environmental liabilities) for the insurance industry may be short by as much as $30bn.
  • Earnings fell 11 percent at Bermudian (re)insurer White Mountains Insurance Group, to $103mn, as the group announced what chairman and CEO Ray Barrette described as "OK" second quarter results.
  • Controversial Lloyd’s based MGA Risk UK has lost its senior underwriter Hugh Rivington less than a year after it was accused of conspiracy to defraud by its former backer, German reinsurer R+V Versicherung.
  • Embattled Lloyd's insurer SVB are the latest carrier to increase their loss estimates to the 11 September attacks.
  • On the back of strong reserve building in recent years, the short-fall in US property & casualty reserves has declined to circa $80bn estimates industry analysts Morgan Stanley.
  • Marsh, the world's largest insurance broker, has been sensationally dumped by Aetna on placing its own liability cover.
  • Seven insurers have reached a $2bn settlement with World Trade Center developer Larry Silverstein bringing to an end more than five years of litigation between the parties.