April 2007/6

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.

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).

As the US insurance industry converges on New Orleans for the annual Risk and Insurance Management Society (RIMS) conference, delegates were told that it would take catastrophe losses of over $105bn to reverse the increasingly-soft market.

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".

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.

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).

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

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

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.