December 2006/3

The trend for US retailers acquiring London market platforms has continued with Hilb Rogal & Hobbs (HRH) buying Glencairn Ltd.

Apparent tensions between Catlin Group and AM Best have re-surfaced with the rating agency confirming today (20 December) it would maintain its review with negative implications of the insurer’s rating despite the unconditional declaration earlier this we

After last year’s record catastrophe insured losses of more than $100bn, the benign conditions of 2005 look like costing the (re)insurance industry just $15bn in losses from natural and man-made catastrophes, according to preliminary figures from Swiss Re

An additional $1bn of US property catastrophe focused capital will be provided following the imminent launch of Ironshore Ltd, The Insurance Insider can reveal.

Lloyd’s aims to have a structure in place to allow special purpose reinsurance syndicates to start mid-2007, along with a more streamlined timetable for Integrated Lloyd’s Vehicle (ILV) business plans and capital setting.

Brit Insurance Holdings has announced its long-awaited Bermudian sidecar-style vehicle Norton Re Insurance Limited, which will resume writing the catastrophe retro business the UK insurer withdrew from at 1 January 2006 renewals.

In a year characterised by the growing interaction between the capital markets and the reinsurance industry comes the launch of a new index to trade US hurricane risks as a derivatives contract.

German reinsurer Hannover Re has sold its US subsidiary Praetorian Financial Group for $800mn to Australia’s QBE Insurance Group Ltd.

Randall & Quilter Group Investment Holdings Ltd (R&Q), the UK-based acquirer of run-off businesses, confirmed on 6 December that Ancon Insurance had become its fifth acquisition of 2006.

Advent launches Bermudian reinsurer; Syncro agrees first Lloyd’s deal; Benfield sells Lancashire stake; Ex Marsh CEO joins buy-out firm; Barclays insurance head joins Benfield; Lockton International swoops for senior Marsh duo; Liability premiums to...

MBO execs leave as company refocuses on investment opportunities

Our monthly column keeping check on US and EU legal and regulatory developments