August 2007/4

Karen Clark, the founder of modeling firm AIR Worldwide, has launched an independent company to act as a consultancy for (re)insurers that use catastrophe models.

Caribbean-based financial services group, Guardian Holdings Ltd (GHL) is to combine its two European motor insurance companies to create a single Gibraltar-based insurer and brand.

Bermudian (re)insurer RenaissanceRe has promoted Larry Richardson to senior vice president of its strategic investments arm, Renaissance Re Ventures.

Montpelier Re has made progress in its new US operation as it diversifies from its roots as a Bermudian monoline reinsurer.

US start-up insurer SPARTA Insurance Company has been assigned an A- financial strength rating from rating agency AM Best.

Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is pushing ahead with its £15mn floatation on the London Stock Exchange’s Alternative Investment Market (AIM) and trading is expected to commence on 4 September.

Despite moderate price reductions, the Lloyd’s listed (re)insurer Heritage Underwriting Agency plc’s said rates are “still at very acceptable levels” in its latest syndicate forecasts.

Listed Lloyd’s insurer Hardy Underwriting Group impressed analysts after upgrading its syndicate forecasts in a “bullish” trading statement on 16 August.

Lloyd’s (re)insurer Kiln plc released full details of its investment portfolio last week, as market uncertainty continued over insurance company’s exposure to sub-prime debt and collateralised debt obligations (CDOs).

Lloyd’s insurer Chaucer Holdings plc has confirmed it will increase its motor portfolio to offset the reduction in capacity in its other classes.

According to reports last week, the European Commission (EC) is set to investigate the role of rating agencies over their response to the US sub-prime mortgage crisis.

Bermuda-based life reinsurance specialist Scottish Re Group revealed a second quarter profit of $99.5mn, which was boosted by a one-time tax benefit from last year’s loss of $123.9mn in the same period.