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.

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.

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 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.

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

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”.

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.

Private equity backed Canopius Group Ltd joined the throng of Lloyd's (re)insurers launching Bermudian platforms while also confirming it had appointed corporate advisers to consider "strategic options".

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.

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.

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

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