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.

Colorado-based managing agency ICAT Holdings LLC has entered into a sidecar-style agreement with the Lloyd’s reinsurer Syncro Ltd for its new Lloyd’s syndicate.

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.

Aon Corp announced that it had completed the sales of its Aon Warranty Group (AWG) and Construction Program Group (CPG) on 30 November.

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

Lloyd’s welcomed British Secretary of State for Trade and Industry Alistair Darling to the Shanghai office of its Lloyd's Reinsurance Company (China) Ltd venture last week, although it is still waiting for regulatory approval before trading can begin.

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 insurance services company Whittington Group has lost two key members of its senior management team with the sudden departure of deputy CEO Richard Whatton and business development director Stephanie Mocatta, Insider Week can reveal.

The Asia Pacific market has attracted a $565mn capitalised Singapore-based reinsurance start-up, Asia Capital Re, as private equity backers look for strong returns in the fast growing region.