April 2007/1

Bermuda-based hedge fund Nephila Capital has tied up a deal for its managed Nimbus Weather Fund (NWF) to back weather contracts sold by WeatherBill, an online weather risk management trading platform.

Steering Marsh and McLennan Companies (MMC) through the difficult post-Spitzer years has led to rich rewards for the company's president and chief executive Michael Cherkasky, who received total compensation valued at $8.65mn last year.

Last week's (27 March) closing of the Equitas deal with Berkshire Hathaway has already begun to pay dividends for Lloyd's, with Fitch Ratings upgrading its insurance financial strength rating on the Society from A to A+.

As capital pressures continue to ease for reinsurers, rates in the US are likely to drop by up to 20 percent at 1/6 and 1/7 renewals in some lines, according to a report by broker Aon Re.

Benfield Group's dedicated approach to rebuilding its facultative operations has seen the reinsurance specialist swoop for Paragon International Insurance Brokers Ltd's Julian Hall, Insider Week can reveal.

New York attorney general Andrew Cuomo has received the go-ahead for a bid-rigging lawsuit against Liberty Mutual Group companies from the state's Supreme Court.

Lloyd's insurer Heritage Underwriting Agency announced that its gross premium income grew 82 percent last year following a change in strategy to take a bigger share of its managed underwriting.

Proposed Lloyd's start-up Leinster Underwriting Services has missed the 1/4 renewals after failing to raise the £180mn in capital its business plan had outlined in time.

Lloyd's chairman Lord Levene was quick to acknowledge the part an "exceptionally low level of catastrophes" played in strong performance from insurers operating on the platform that enabled it to report pre-tax 2006 profits of £3.7bn for the market.

Shares in Bermudian Flagstone Reinsurance Holdings Ltd faltered in early trading Friday (30 March) following its listing on the New York Stock Exchange.

QBE Insurance (Europe) has launched a new professional indemnity division after merging its portfolio with that of DA Constable Syndicate 386.

A strong year in benign cat conditions has set Lloyd’s (re)insurer Omega up for expansion in 2007, as it looks to capitalise on its move to Bermuda and growth in its newly established US surplus lines insurer.