August 2010/4

Run-off acquisition firm and service provider Tawa has bought Island Capital, the run-off Bermudian trade credit and political risk insurer, for up to $15mn.

Charles Taylor Consulting (CTC) is to pursue seller RJD Partners for outstanding liabilities relating to its purchase last year of struggling run-off specialist Axiom Consulting.

Shares in London-based insurance services provider Charles Taylor Consulting (CTC) fell almost 30 percent last week after a profits warning.

Randall and Quilter (R&Q) trumped analysts' expectations as its first-half gross profit went up to £5.8mn from £1.2mn a year earlier on solid investment returns and diversification into new business lines.

Bermudian run-off acquisition firm Enstar Group saw net earnings for the first six months of the year climb to $28mn, compared to $20mn in H1 2009.

Fitch Ratings has found that all the European insurers it rates could withstand the shock of Greece defaulting on government debt after it carried out a major "stress-test" exercise.

London market directors' and officers' D&O insurers for Stanford Financial Group (SFG) have so far paid out $15mn in criminal and civil litigation defence costs, court documents reveal.

A US appeal judge has re-opened antitrust and racketeering complaints against a number of insurers and brokers allegedly involved in bid-rigging conspiracies.

Secondary trading spreads for US wind catastrophe bonds have risen to levels near the peaks last seen in 2009, according to Swiss Re.

Aon Benfield Securities has launched a set of indices to track the performance of catastrophe bonds, which it says will boost transparency on returns from the insurance-linked securities (ILS) sector.

Broker Willis cleared a US wind futures trade on the IFEX platform at the Chicago Climate Futures Exchange (CCFE) for the first time last week, in a $1mn block transaction.

Brit Insurance Holdings has continued to bolster its senior management while takeover talks progress with US buy-out firm Apollo.