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.

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.

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.

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.

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.