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  • Recently listed UK motor insurer Admiral has invoked a downgrade clause with its quota share reinsurer Converium and replaced them with Gen Re and Axis Re Europe.
  • Rating agency AM Best has downgraded the financial strength rating of Tryg-Baltica after an announcement on 7 October that the Danish reinsurer would be placed into run-off following its sale to Swedish rival Sirius.
  • SOC Group, the Lloyd’s insurance agency close to collapse a year ago, is in merger talks to acquire Anton Private Capital, Insider Week can reveal.
  • XL Capital has replaced Rob Lusardi, the head of one of its three core business units, with Paul Giordano.
  • Despite a $300mn after-tax hurricane bill from its recently rebranded (re)insurance unit GE Insurance Solutions, the giant conglomerate General Electric saw its third quarter earnings up slightly at $4.05bn
  • The European Union compromised last week on a controversial proposal designed to ban unequal treatment based on gender.
  • Chris Fagan, the former chief executive of insurer GoshawK, is behind an attempt from a Japanese private equity house to take the company private.
  • Uncertainty surrounding aggregate storm losses will impact earnings releases Recent hurricane activity is likely to lead to a “messy” third-quarter set of results, analysts at Morgan Stanley have warned.
  • Aspen Insurance Holdings, the reinsurer spun-out of Lloyd’s based Wellington Underwriting in 2002, is gearing up its US business by injecting a further $200mn into its Bermudian arm, Aspen Insurance Ltd.
  • Fast-growing post-9/11 start-up Endurance has added to its US presence with the acquisition of the bulk of XL Re America’s surety reinsurance business through its US subsidiary Endurance Reinsurance Corporation of America.