September 2007/3

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...

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).

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

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

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.

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.

QBE European Operations has launched a new reinsurance division in order to bring its Lloyd’s and company business under one roof.

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.

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).

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.