April 2007/6

It was at least a year in development, but Paris-based IXIS Corporate and Investment Bank has finally launched its new Bermudian reinsurer and insurance linked securities fund with some $600mn of capital.

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

The Bermudian (re)insurer Validus Holdings Ltd has emerged as the front-runner to buy the up-for-sale Lloyd’s insurer Talbot Underwriting Holdings, The Insurance Insider understands.

A consortium including ICAP founder Michael Spencer and hedge fund giant Eton Park Capital Management LLC is set to take a controlling interest in electronic trading platform RI3K, Insider Week can reveal.

Bermudian IPCRe followed its shock Standard & Poor’s (S&P) downgrade with a strong set of first quarter results and plans for a $200mn share buyback.

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.

In a further sign of dramatically changed supply conditions in the retro market, rates for Industry Loss Warranties (ILWs) have slumped 30 percent since 1 January 2007, according to Montpelier Re chairman and CEO Tony Taylor.

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).

Lloyd's insurer Kiln plc revealed last week that it had bolstered its aviation presence with the appointment of underwriter Philippe Daouphars to write a European account.

UK quoted insurer Novae Group plc has issued £100mn of medium-term subordinated notes in a move to restructure its debt.

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

Steven Haasz - an influential figure in driving market reform at Lloyd's - resigned from the Corporation last week only days after the Society was upgraded to A+ by Standard & Poor's citing "unstoppable momentum behind improving London market business pro