April 2007/5

Novae Group plc has opened an international general liability (GL) account with the recruitment of two senior underwriters to its Lloyd’s Syndicate 2007.

Bermuda-based Lloyd’s (re)insurer Catlin Group has confirmed that its Lloyd’s Syndicate 2003 will take part in Lloyd's new reinsurance operation in China.

Strong results prove SCOR bid undervalued, says Swiss rival

AXA is set to securitise a further portion of its motor portfolio some 18 months after its landmark FCC Sparc transaction.

Japan’s improving economy has sparked an upgrade in the financial strength and debt ratings of Tokio Marine & Nichido Fire Insurance Co Ltd from AA- to AA.

Last week’s shock decision by Standard & Poor’s (S&P) to downgrade IPCRe from A to A- has been questioned in some quarters and sent out a strong message to peers with a focus on volatile catastrophe reinsurance business.

Glencairn Ltd, the Lloyd’s broker taken over by US firm Hilb Rogal & Hobbs Company Ltd (HRH) last December, has expanded by taking on the majority of Park London’s insurance and reinsurance business.

Integro Ltd, the US insurance broker formed in response to the regulatory scrutiny into the US broking industry, has announced that Charles Waddington will join its facultative (Fac) team from Guy Carpenter & Co.

The changing of the guard among London’s mid-tier brokers continued last week after RFIB Group Ltd confirmed it had undertaken a management buy-out financed with private equity support.

Fast growing insurer Canopius Ltd is looking at options to expand its platform outside Lloyd’s, Insider Week can reveal.

Energy industry mutual Oil Insurance Ltd continued to see its membership decline as it confirmed last week that 13 more companies are set to leave.

Cat modelling firm Risk Management Solutions (RMS) has said the recent increases in Florida’s property values has exposed some cat bonds to a higher risk.