September 2007/1

Fitch Ratings has maintained its Stable rating Outlook on the global reinsurance sector despite “increasingly difficult market conditions”.

Lloyd’s Franchise Performance Board has expressed doubts over the predicted returns for QBE-backed syndicates just one month after the Australian insurer expressed frustration with the market as it refused to recommend an increased bid to buy out Names’ c

Recently-listed European reinsurer Paris Re suffered a drop in profits after exposure to 2007’s catastrophes negatively impacted its bottom line.

Amlin plc threw down the gauntlet to Lloyd’s based insurers poised to unveil their interim results this week when it posted a 54 percent leap in first half pre-tax profits to £154mn.

Novae Group's medical malpractice underwriting manager, Bill Edrich, has been appointed underwriting director of its insurance company, Novae Insurance Company Limited (NICL).

The head of Standard & Poor’s (S&P) has stepped down just weeks after reports that the European Commission is set to investigate the role of rating agencies in the ongoing sub-prime crisis.

Fairfax Financial Holdings controlled US reinsurer Odyssey Re has reached an out-of-court settlement in its litigation with Gulf Insurance Company, it announced last week.

The 1 October UK solicitors’ professional indemnity (PI) renewals are set to see further rate reductions due to a 17 percent increase in capacity over last year to £350mn, according to broker Marsh.

Ascot Underwriting Ltd’s Lloyd’s Syndicate 1414 has been downgraded by AM Best after the unconditional guarantee of its liabilities by major capital provider American International Group (AIG) was cancelled.

The leap in gross written premium at French reinsurer SCOR Group following its acquisition of life reinsurer Revios drove a 77 percent increase in net income to EUR181mn during the first half of 2007.

London-based reinsurance broker Cooper Gay Group has bought the reinsurance and terrorism broking teams of CRS Group (London) plc.

Beaufort Underwriting Agency is the latest in a line of Lloyd’s insurers to consider hoisting a “for sale” board, confirming the optimism for continued mergers and acquisitions (M&A) activity in the Society.