September 2007/3

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

The National Association of Insurance Commissioners (NAIC) has proposed a rule change to the collateral requirements made on "alien" reinsurers.

Former American International Group (AIG) supremo Maurice “Hank” Greenberg has been subpoenaed by the Securities and Exchange Commission (SEC) as part of its investigation into alleged accounting irregularities at the firm.

Bermuda-based (re)insurer Catlin Group reported 29 percent first-half premium growth following its acquisition of Wellington Underwriting, but profits fell as a result of the deal’s expenses.

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.

Munich Re has threatened to withdraw cover from markets abandoning state terrorism pools.

Swiss reinsurer Glacier Re has continued to grow over the first six months of 2007 despite the soft prevailing market conditions.

Recently-acquired Bermudian run-off insurer Alea Group Holdings posted weak first half results amidst the firm's takeover by New York-based hedge fund Fortress Investment Group (FIN).

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.

(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 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, founder and chief executive of the world’s largest

Typhoon Fitow, this year’s ninth named storm in the western Pacific, made landfall in Kanagawa state southwest of Tokyo on 7 September, with maximum sustained winds of 86 mph.