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September 2007/3

  • 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.
  • 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...
  • Insurer Brit Holdings plc has reported flat first half profits of £106.8mn following a drop in underwriting profits in the "difficult" UK market.
  • Swiss reinsurer Glacier Re has continued to grow over the first six months of 2007 despite the soft prevailing market conditions.
  • 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...
  • 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
  • The National Association of Insurance Commissioners (NAIC) has proposed a rule change to the collateral requirements made on "alien" reinsurers.
  • 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”.
  • Tim Mahoney, the senior Marsh Inc executive who was heading for rival firm Integro Ltd last week has performed a u-turn over the weekend after receiving a "vastly improved offer" from the broker.
  • 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.
  • Munich Re has threatened to withdraw cover from markets abandoning state terrorism pools.
  • 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...
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