December 2006/1

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

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.

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.

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

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

A team of Heath Lambert management risks brokers – led by Calvin Barnes - have defected to the expanding Oxygen Holdings plc.

Benfield Group has gained $19.5mn from the sale of its “Class of 2005” reinsurer Lancashire Holdings last week.

Hiscox plc has become the first Lloyd’s insurer to carry out a sidecar transaction, confirming its Syndicate 33 has entered into a quota share reinsurance arrangement with $360mn Bermudian reinsurance vehicle Panther Re, a deal first revealed in the Octob

Lockton International, the former international operations of insurance broker Alexander Forbes, has swooped for the head of Marsh’s financial and professional lines operations, Neil Nimmo.

Shares in the Lloyd’s based (re)insurer Amlin plc have climbed to a new high of 314p on the London Stock Exchange as the company gave another upbeat trading statement last week.

The acquisitive Australian insurer IAG has agreed a £570mn deal to buy UK motor underwriter and broker Equity Insurance Group, 18 months after the company was taken private in an £298mn private-equity backed management buy-out.

Marsh Ltd has recruited Zurich Financial Services’ (ZFS) executive Martin South to become the new chief executive of its UK arm, The Insurance Insider can reveal.