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December 2006/3

  • Catlin Group Ltd says the integration of Wellington Underwriting has gone well with more business retained than expected and only a small number of unplanned resignations from key staff.
  • Stan Kott, CEO of Wellington Underwriting plc’s US arm - Wellington Underwriting Inc - has become the latest high-profile departure following the company’s £600mn takeover by Catlin Group with his resignation this week.
  • Lloyd’s based (re)insurer Amlin plc reported today (10 January) that its Bermudian reinsurance operation has written $87mn of business this year, a 58 percent increase on last year.
  • The new Bermudian reinsurer Aeolus Ltd has doubled its capital to more than $1bn following a second fund raising. The reinsurer – which was formed in July 2006 by the former Arch Capital chief executive Arch Capital and the ex RenaissanceRe President..
  • The exit of former Wellington Underwriting staff following the company’s £600mn takeover by Catlin Group has continued with the departure of its two senior aviation underwriters.
  • French giant AXA today (4 January) announced it has agreed a deal to sell the US operations of its recent acquisition Winterthur to QBE Insurance Group for total consideration of $1.8bn.
  • Castlewood Holdings Ltd, the Bermuda headquartered run-off acquisition and consultancy firm, has bought Inter-Ocean Holdings Ltd for $57mn.
  • Paris Re Holdings has become the latest reinsurer to launch a sidecar-style vehicle with the establishment of Triomphe Re, a $185mn Bermuda domiciled Class 3 reinsurer.
  • In a record year for securitisation in the sector, French reinsurer SCOR has become the latest (re)insurer to issue a catastrophe bond, with its EUR120mn Atlas III transaction to cover against European windstorm and Japanese earthquake losses.
  • Munich Re has regained its targeted AA- rating from Standard & Poor’s (S&P) today (22 December) with the rating agency upgrading the German giant from A+ and assigning a stable outlook.
  • Munich Re has made its latest foray into the world of reinsurance securitisation with the launch of a $190mn cat bond on behalf of Zurich Financial Services Group (ZFS) to cover Californian earthquake risks.
  • Despite his imminent departure to Albany, the New York attorney general Eliot Spitzer has filed a lawsuit against Acordia Inc accusing the US’ fifth largest insurance broker of illegally steering business to companies who paid them kickbacks.