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  • Lloyd's managing agency Abacus is planning to launch a new professional indemnity (PI) syndicate with former PRI underwriter Andy Dore at the helm. Abacus Syndicates Ltd, backed by members' agent CBS, currently manages Syndicate 2525, with 2003 capaci
  • Although the power outage that affected much of New York, the Eastern United States and Canada will inevitably result in losses to the insurance industry, they are unlikely to be significant. This was the analysis of Morgan Stanley insurance analyst W
  • Shares in US casualty specialist WR Berkley are again close to its 3 July 52 week high of $54.02 after the insurer unveiled consensus beating half yearlies.
  • US insurer St Paul announced last Friday the second quarter earnings impact of a previously disclosed surety exposure. The charge will amount to $86mn pretax and $56mn after tax, equivalent to $0.23 per diluted share.
  • The Financial Services Authority has responded to fears that companies and individuals are insuring themselves against fines for misconduct by proposing to ban the provision of such cover.
  • Reinsurance brokers RK Carvill look set to lose a prime $30mn brokerage account after their clients XL Capital put the contract out to tender to three rival firms.
  • Embattled Bermudian captive and fronting manager Mutual Risk Management Ltd has ratified its scheme of arrangement with creditors.
  • Last week saw increased speculation that slimmed down UK general insurer Royal & Sun Alliance (R&SA) is hawking its US property and casualty business to potential buyers.
  • Bermudian (re)insurer Everest Re reported a striking increase in net income last Tuesday, the second quarter up 105.1 percent to $109.6mn from $53.4mn last year.
  • Lloyd’s insurer Cathedral Underwriting Ltd has signed an agreement with CATEX, the technology and software company.