April 2007/6

US insurers Chubb Corporation and WR Berkley reported profits up and premiums down for the first quarter of 2007.

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.

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.

AmTrust Financial Services Inc has acquired IGI Group Ltd, a small UK specialty insurer.

Bermudian giants ACE Ltd and XL Capital reported analyst-beating first quarter profits last week, but the companies’ performances met with a mixed response from analysts.

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.

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

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.

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

US-based brokers Arthur J Gallagher & Co (AJG) and Hilb Rogal & Hobbs (HRH) disappointed analysts with first quarter profits down on expectations last week as the top line suffered from the impact of declining insurance rates.

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.

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.