September 2007/4

Swiss insurance giant, Zurich Financial Services Group, has revealed a net loss estimate of $260mn for the UK July floods, bringing the group's total for this summer’s events to $660mn.

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).

Lloyd's insurer Hardy Underwriting Group plc remained upbeat despite pricing pressures as it posted a 49 percent increase in its pre-tax profits for the half-year.

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.

The European Commission's (EC) long-awaited final report into business insurance could see a shake-up of the London subscription market if it takes action against the practice of co-insurance.

Shares in UK (re)insurer Beazley Group plc plummeted more than 7 percent in just two days trading on the news that CEO Andrew Beazley sold over 3 million shares in the firm, halving his ownership stake.

UK consolidation giant Towergate has denied suggestions that it is poised to refinance its debt structure or raise further funds to pay for future acquisitions.

"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.

Shares in troubled UK lender Northern Rock were in freefall today amid a run on the bank as fears continued over its ability to survive the ongoing US sub-prime triggered credit crunch.

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).