December 2006/3

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

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

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

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.

A trial date of January 2008 has been set to hear Lloyd’s case against Benfield and Aon, the two brokers who placed the £500mn Central Fund insurance contract that failed to engage following an arbitration decision last year.

Kiln is understood to have ruled out an offer to buy back syndicate capacity from Names but has declined to comment on whether the decision is connected to the generous offer by Catlin to Names on takeover target Wellington’s Syndicate 2020, which effecti

Barclays Bank reinstated as Enron defendant; Aon gains $800mn from spin-offs; Willis loses senior figure as Colraine steps down; Scottish Re boosted by investment; AWAC adds Lloyd’s presence...

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...