September 2007/4

Chuck Hewitt is leaving Benfield to join rival Guy Carpenter – the second senior executive to make the journey in two months.

First half profits at Co-operative Financial Services (CFS), the banking and insurance subsidiary of the UK consumer conglomerate The Co-operative Group, tumbled by 53 percent to £38mn as a result of "exceptional weather-related losses".

Lloyd's insurer Novae Group plc's investment performance has helped the firm beat analysts' forecasts and post a 22 percent improvement in its first half pre-tax profits.

Despite reinsurers generally agreeing that rates in the softest reinsurance lines such as aviation and US casualty will fall by around 10 percent next year, a leading figure in the sector has warned that this figure be significantly higher at renewal.

"Class of 2005" alumnus Flagstone Re is the latest Bermudian to build a significant presence in Switzerland, with the appointment of Guy Swayne as CEO of its newly capitalised subsidiary.

A new £125mn capacity syndicate headed by WürttUK managing director Stephen Redmond is at the final stages of seeking approval from Lloyd’s franchise performance directorate, Insider Week can reveal.

US broker Hilb Rogal & Hobbs (HRH) is expected to complete the purchase the Banc of America Corporate Insurance Agency (BACIA), which manages over $1.2bn in commercial insurance and...

Catastrophe modelling firm EQECAT has estimated that insured losses caused by Hurricane Humberto will be less than $1bn.

Illinois-based sports underwriter Pro Financial Services Inc was sold last week for $73mn - the equivalent of over seven times "base" earnings.

Validus Re will take a decision shortly on whether to renew its $200mn energy sidecar Petrel Re but says it looks likely to continue with the facility.

Lloyd's insurer Omega Insurance Holdings looks set to continue the recent trend for sparkling interims when the specialist short-tail (re)insurer unveils its half-year results tomorrow (18 September).

London-based underwriting pool Global Aerospace Underwriting Managers (GAUM) was the lead on the cover of the aircraft that crashed on the Thai island of Phuket yesterday (16 September).