April 2007/1

A number of former Wellington Underwriting staff continued to head out of the Catlin Group last week with David Foreman’s recently launched Ark Syndicates believed to be a likely destination for some.

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.

Marsh Ltd has announced it is to apply for a license from the Qatar Financial Centre Regulatory Authority as the insurance sector's growing appetite for the Middle East shows no sign of abating.

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.

Listed Lloyd's (re)insurer Atrium Underwriting plc closed the Lloyd's reporting season with record profits of £44.7mn on 29 March.

Integro Ltd, the US insurance broker formed in response to the regulatory scrutiny in to the broking industry, is to recruit between 50-100 executives to build a new global wholesale and facultative reinsurance group, Insider Week can reveal.

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.

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.

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.

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.

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+.

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.