December 2005/3

“Class of 2005” start-up Ariel Re announced Saturday (17 December) that it has begun underwriting following the completion of $1bn fundraising by parent company Ariel Holdings and receipt of an A- financial strength rating from AM Best.

Harbor Point Limited has become the latest of the “Class of 2005” to receive an AM Best rating, after the agency announced today (16 December) it has awarded an A (Excellent) financial strength rating and “a” credit rating to the start-up.

Some of Bermuda’s “Class of 2005” (re)insurance start-ups moved closer to writing business this week as they received ratings from AM Best. Today (14 December) saw the launch of Validus Re, which will be headed by ex-American Re CEO Ed Noonan.

As predicted in The Insurance Insider and Insider Week, Bermudian start-up (re)insurer Lancashire Holdings Ltd floated this morning (13 December) on the London Stock Exchange’s Alternative Investment Market (AIM) raising over $1bn...

XL Capital has appointed a new team to lead its XL Insurance Global Marine and Offshore Energy (M&OE) unit in London and New York.

The Association of Run-Off Companies (ARC) has welcomed the government’s decision to delay the implementation of VAT on outsourced insurance services.

UK insurer Brit today (12 December) announced the appointment of two new underwriters to its London market underwriting team.

Reinsurance specialist broker, JK Buckenham Ltd (JKB) has announced the creation of JKB USA, which has been formed in partnership with US broker Performance Insurance Services.

William Dewsall, the former managing director of Hogarth Underwriting, is set to be appointed CEO of planned construction and liability insurer Gable Insurance AG.

Lloyd’s broker Contractsure has raided staff from Glencairn and Alexander Forbes as it aims to double its client base within the next 18 months.

Last month’s extensive rioting across France will cost insurers EUR200mn with AXA picking up a quarter share of the total cost.

London market IT service provider Intech was acquired this month by the expanding French company Sword Group.