September 2007/3

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.

Despite rates holding up better in the reinsurance than in the primary sector, 1/1 renewal prices are set to drop by around 10 percent in US property, while non-motor casualty and specialty will also see further declines...

Munich Re has targeted a potential EUR5bn market with its new unit set up to sell protection against selected enterprise risks.

Electronic trading platform RI3K has launched a new messaging service for the (re)insurance industry.

Former Independent Insurance deputy managing director Philip Condon has admitted to a court that he had concerns whether the company’s practices regarding reserves were “acceptable”.

(Re)insurance conglomerate Zurich Financial Services announced the launch of a Chinese distribution platform, Zurich Insurance Brokers (Beijing) Ltd, which will deliver general and life insurance products across China.

The legacy of workers’ compensation carve-out reinsurance – epitomised by the Unicover pool which collapsed in 1999 – re-emerged when CNA Financial Corporation agreed to pay John Hancock $250mn to end a dispute relating to the business.

Bermudian life reinsurer, Scottish Re Group has closed a $555mn Triple-X life securitisation through its subsidiary Clearwater Re.

A proposal for a national cat risk pool has met with stiff opposition in the US Senate with some lawmakers refusing to subsidise “a lifestyle of beach living”.

The continued pressure on rates has dampened Kiln plc’s premium growth with the (re)insurer confirming plans to reduce its participation in the Lloyd’s market.

Fears that the sub-prime debacle will affect the insurance industry are beginning to materialise as many mid and small-cap companies begin to post directors and officers (D&O) and errors and omissions (E&O) claims...

Benfield Group has become the latest reinsurance broker to respond to the growth in insurance linked securities with the creation of a new team to advise on non-traditional risk transfer solutions.