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...

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.

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

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.

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

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).

(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.

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

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.

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.