September 2007/2

Swiss (re)insurance giant, Zurich Financial Services Group, has revealed a net loss estimate of $260mn for the UK July floods, bringing the group’s total tally for this summer’s events to $660mn.

Specialist Lloyd’s insurance group Chaucer Holdings plc announced continued strong financial performance, with pre-tax profit of £47.9mn, despite softening rates across most lines of business.

Insurance services company Whittington has overseen the first successful scheme of arrangement for a Singapore-based insurance company, with the closure of Lion City Run-Off Private Ltd.

Newly-listed Tawa plc raided outsourcing firm Axiom Consulting to strengthen its asbestos, pollution and health hazard (APH) expertise.

Afinia Capital Group has joined the tide of new entrants to the discontinued business sector with backing from high profile capital markets players.

A US bankruptcy judge has approved The Travelers Cos' settlement of one of its largest asbestos exposures for $449mn.

The nascent insurance-linked securities (ILS) marketplace is on track to become "one of the great and exciting stories of financial innovation in the next five to ten years", according to Michael Spencer...

The departure of a number of key producers that have followed divisional head of facilities Hugh Champion out the door of UK independent broker Heath Lambert which may scupper management’s chances of selling the firm as a single entity.

Although revenue growth impressed at Benfield Group Ltd's Corporate Risk business (BCR), shares in the broker fell as the John Lapsley headed division reported a trading loss of £4.6mn...

Lloyd's results season picked up in earnest over the last four weeks as companies posted broadly healthy figures tempered by warnings of increased competition and tougher times ahead.

Firms are bracing themselves for the imminent publication of the European Commission's report into business insurance.

Premium rates in reinsurance will continue to decline at the January 2008 renewals in the absence of any major insurance losses, analysts at Fitch Ratings have predicted.