April 2007/6

American International Group's (AIG) life insurer, AIG Life, was granted a license to conduct its group insurance operations from the Qatar Financial Centre (QFC).

Troubled energy mutual Oil Insurance Ltd has had its A- rating placed on CreditWatch with negative implications by rating agency Standard & Poor's (S&P).

Martello Insurance PCC Limited, a protected cell company, has been launched in Gibraltar aiming to provide the "benefits and advantages of captive insurance, but at a lower cost".

Australian insurer QBE Insurance Group has confirmed a privately placed $550mn offering of hybrid notes to institutional investors.

A UK High Court has delivered a landmark decision favouring reinsurers in a dispute concerning "follow the settlement" clauses.

Swiss Re’s first quarter result will benefit from a capital gain of £250mn following the £600mn sale of its “Gherkin” office building in London, according to analysts.

Keith Rutter, the former Independent Insurance underwriting executive, has left Oxygen Insurance Brokers to return to underwriting.

The rising price for distribution channels was demonstrated with AXA’s recent acquisition of UK consolidator Smart & Cook Group Ltd.

Bermudian reinsurer Aspen Insurance Holdings Ltd returned to the capital markets with two securitisation deals last week that will provide it with over $1bn in hurricane and earthquake cover.

Cat modelling specialist Risk Management Solutions (RMS) has launched a new parametric index which it says will help draw more emerging capital markets players into the catastrophe risk arena.

It could prove to be a tough year for brokers but Willis Group Holdings Ltd showed last week that it was still able to grow revenues and profits despite falling rates.

Early reporting Bermudians delivered strong first quarter earnings last week but weaker top line figures as signs of premium growth slowdown in a softening market began to show.