September 2007/5

XL Capital has furthered the market trend in repatriating capital after announcing its second share buyback programme this year.

Insured losses caused by last week’s Typhoon Wipha, which hit China and brought heavy rain to Shanghai, are not expected to reach $250mn, according to catastrophe modelling firm AIR Worldwide.

Lloyd's has recruited a number of key London personnel to help the franchise in its continued bid to push process reform.

Investment banks Morgan Stanley and Lehman Bros revealed the extent that they have suffered from the sub-prime crisis in the third quarter results last week.

Specialist Lloyd's (re)insurer, Atrium Underwriting reported pre-tax profits of £23.8mn for the first half of 2007, an increase of 300 percent on the same period last year.

Some of the charges against Independent Insurance's deputy managing director Philip Condon have been dropped this morning (24 September) on the instructions of the trial judge.

Brit Insurance Holdings plc is to form a Gibraltar based protected cell reinsurer which will provide reinsurance to the UK insurance group.

Lloyd's insurer Novae Syndicates Ltd (NSL) plans to close the 2002 year of account on its run-off Syndicate 1241 into its Syndicate 2007, it revealed on Friday (21 September).

HCC Insurance Holdings, Inc has become the latest (re)insurer to be frustrated by the post-US sub-prime crisis credit crunch as it axed a $300mn debt issue on Friday (21 September).

Pembroke Managing Agency, which was formed last year by Chaucer Syndicates in conjunction with Quanta Holdings, has appointed Mark Butterworth as its managing director.

A series of tornadoes struck towns across England this morning (24 September) damaging homes and vehicles.

The House of Representatives approved a Bill on 19 September that would extend the Terrorism Risk Insurance Act (TRIA) for 15 years despite the White House stating it would veto proposals unless amendments are made.