December 2006/4

Bermudian reinsurer Harbor Point Re Ltd has opened a London market representative office in Lloyd’s.

Swiss reinsurer Converium closed the sale of its North American operations to National Indemnity Company last week, leaving the resolution of regulatory investigations the final hurdle to an upgrade from rating agency Standard & Poor's (S&P).

Talbot Underwriting Ltd is to enter two new classes of business as it becomes the latest Lloyd’s insurer to announce an increase in capacity for the 2007 year, with its Syndicate 1183 up 6 percent to £325mn.

This edition of Insider Week is the last publication from Insider Publishing Ltd in 2006. Insider Week will resume on the 2 January while the January edition of The Insurance Insider will be available to download from the 11 January.

Recent warnings over the rapidly softening UK professional indemnity (PI) market would appear to be valid, with total premium paid by solicitors down £32mn in the key 1 October renewals.

Stone Point Capital managed fund Trident II is selling off 3 million shares it holds in Bermudian powerhouse Axis Capital Holdings in a block trade.

Bermudian (re)insurer ACE Ltd has said that a recent review has confirmed the adequacy of its asbestos reserves.

Bermudian (re)insurer Max Re Capital announced plans to launch a US-based excess and surplus lines platform last week (14 December).

Lockton International, the fast-expanding arm of US broker Lockton Inc, has recruited the former JLT Re executive Paul Jack. Jack – who left Jardine Lloyd Thompson Group plc recently – will reacquaint himself with Mike Hammond, the former head of JLT Ris

UK regulator the Financial Services Authority (FSA) has reviewed the market’s progress on contract certainty and says that “enough progress has been made to keep regulatory intervention on hold”, according to its own high-level assessment.

Stephen Cane, the former chairman of the international underwriting association of London (IUA) and ex-head of run-off reinsurer Alea’s London operations, has joined the insurance services company Whittington Group.

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.