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...

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.

Zurich Financial Services (ZFS) has finally closed its London market arm Zurich Specialties London, while announcing a slew of senior appointments.

SCOR will acquire one of the last trading arms of the defunct Alea Group after announcing last Thursday (8 December) that it has agreed terms for the renewal rights of Alea Europe AG.