December 2005/4

A two year extension to the Terrorism Risk Insurance Act (TRIA) moved a step closer on Saturday (17 December) after Congress approved legislation, leaving President George Bush to sign the bill into law.

Lloyd’s broker RFIB Group Ltd has set up a representative office in Moscow as part of its continued expansion in Russia. The (re)insurace specialist has been operating in the Russian Market since 1990.

Lloyd’s insurer Chaucer Syndicates Limited announced on 15 December 2005 the appointment of two new directors, and an active underwriter. The agency’s third party syndicate management activities will now be led by Janet Helson, who joined Chaucer...

More than four years after the Serious Fraud Office (SFO) began investigating one of the UK’s largest recent insurance failures, charges of conspiracy to defraud have been laid against three former directors of Independent Insurance.

Troubled Bermudian (re)insurer Quanta announced last Thursday (15 December) the pricing of its public offering to raise $129mn in at attempt to hold on to its A- AM Best rating. The company is offering 11,423,340 common shares at $4.75 a share...

Ratings agency Fitch has cast doubt over rival AM Best’s ratings of the ‘Class of 2005’ reinsurance start-ups and questioned the long-term viability of the new businesses. Fitch said: “While Fitch's rating methodology does not impose a ceiling...

Shares in Bermudian start-up (re)insurer Lancashire Holdings made an immediate impact on the London Stock Exchange's Alternative Investment Market (AIM), rising over 12 percent on the first day of conditional trading last Tuesday (13 December).

“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.