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.

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.

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.

Brit Insurance Holdings plc announced last week the renewal of its contract with satellite operator Telesat Canada to supply technical advice and support for its space underwriting activities.

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.

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

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.

Private equity giant 3i Group plc has hired a team led by Bruce Carnegie-Brown, the former Marsh executive who left the firm suddenly in May this year.

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.

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.

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

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