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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.