September 2006/1

August saw little let up in the industry's enthusiasm for non-traditional reinsurance vehicles so The Insurance Insider's forthcoming Contingent Capital & Securitisation event is perfectly timed.

Rating agency AM Best has removed European giant Hannover Re from review with negative implications and affirmed its financial strength rating of A (Excellent).

Canadian combine Fairfax Financial Holdings said the restatement of its results led to a reduction in shareholders' equity by $235.3mn as at 31 March. But as a consequence, net earnings for the first-half and second quarter of 2006 were...

Lloyd's insurer Kiln updated its syndicate forecasts last week lowering the profit range on three of the four open years on its two major syndicates, 510 and 557.

Rating agency Standard & Poor's (S&P) has praised the operations of Equitas, the reinsurance vehicle set up in 1996 to reinsure Lloyd's 1993 and prior year exposures, on its 10th anniversary but also warned about the ongoing threat to the Society.

Despite acknowledging the intrinsic value of Marsh & McLennan Inc and the fact that its shares are undervalued, investors lack faith in the company's management, according to investment bank Morgan Stanley.

Lloyd's insurer Hiscox plc revealed on 1 September that it is close to setting up a Bermudian sidecar operation to reinsure its Lloyd's Syndicate 33.

Lloyd's insurer Beazley Group plc shrugged off fears of declining liability rates, by saying it had benefited from a 3 percent average rate rises in its casualty book in the first half of the year.

Willis Corp revealed last week that US regulators have also eased its restrictions on charging contingent commissions, or Placement Service Agreements, when the broker is acting as agent of the (re)insurance seller...

If 2006 proves - as it has thus far - to be a benign natural catastrophe year, then Amlin's management duo of chief executive Charles Philipps and underwriting director Tony Holt will have again called the right numbers.