September 2007/4

(Re)insurance consultancy, Axiom, has launched a new claims management service to enable reinsurers to respond effectively in the wake of a major catastrophe.

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.

Former Independent Insurance finance director Dennis Lomas became the last of the firm's trio of senior executives to take the witness stand last week.

Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon's expansion into the power sector.

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

Deutsche Bank is set to launch the trading in catastrophe event-linked futures on the Chicago Climate Futures Exchange (CCFE) later this month, in conjunction with former Brit Insurance chief executive Neil Eckert.

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

The (re)insurance industry has begun to feel the shockwaves from the sub-prime crisis as management liability claims trickle into the market.

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.

Marsh Inc, the broking unit of US (re)insurance conglomerate Marsh & McLennan Inc (MMC), suffered further senior management disruption last week as it parted company with chief executive Brian Storms.

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".