September 2007/3

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

Expansion of the Florida Hurricane Catastrophe Fund (FHCF) at the beginning of the year has created “new profit opportunities” for reinsurers, according to rating agency Standard & Poor’s (S&P).

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...

Indemnity style triggers have become an established feature of insurance-linked securities (ILS) transactions and the trend is likely to continue, predicted Aon's Paul Schultz.

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 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.

Swiss Re’s newly formed Luxembourg hub has received an AA- rating by Standard & Poor’s.

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”.

Lloyd's investment vehicle Hampden Underwriting plc (HUP) listed on the London Stock Exchange's Alternative Investment Market (AIM) despite failing to raise the planned £15mn.

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).

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...