December 2006/1

Bermudian (re)insurer Aspen Insurance Holdings Ltd has taken the innovative step of wrapping a credit derivative structure around a portfolio of its reinsurance recoverables, in a $420mn transaction with investment bank Deutsche Bank.

In a year that has seen ratings upgrades outstrip downgrades for the first time since 2000, Standard & Poor's (S&P) has upgraded Bermudian (re)insurer Endurance Specialty Holdings Ltd from A- to A in response to growth in its US excess and surplus platfor

Lloyd’s insurer Ascot Underwriting has confirmed plans to increase capacity on its Syndicate 1414 by 13.5 percent to £625mn for the 2007 underwriting year.

A landmark UK High Court decision last week likely to increase payouts on some unsettled bodily injury claims will hit reinsurers hardest and lead to rising premiums, according to Swiss Re.

Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) has opened a box at Lloyd’s that it hopes will support the growth of its European book of business.

UK regulator the Financial Services Authority (FSA) has told the insurance industry that despite recent progress it still needs to further improve the effectiveness of its risk management frameworks.

Swiss reinsurer Glacier Re announced today (4 December) that Mario Ciancarelli has joined the company as senior underwriter.

UK businesses have been warned that they are exposing themselves to unnecessary environmental liability risks, as they view specialist insurance products as too expensive and complex.

Struggling Bermudian life reinsurer Scottish Re received a boost in the shape of $600mn in new equity investment it announced on 27 November.

Allianz subsidiary Fireman’s Fund Insurance Company has appointed Joseph Beneducci as its CEO, starting 1 January 2007.

The UK’s Competition Commission have ratified their decision to approve the acquisition of CBS Private Capital by rival Hampden Agencies Ltd.

Lloyd’s insurer Heritage Underwriting Agency Ltd has bolstered its underwriting executive with the appointment of the Lloyd’s Japan chief executive James Sardeson.