December 2007/1

The merry-go-round of facultative reinsurance broker moves continued last week as Guy Carpenter announced the appointment of Willis broker Catherine Kim.

French reinsurer SCOR SA successfully closed its EUR160mn Atlas IV cat bond transaction, taking its tally of insurance linked securities deals to five.

Catlin Group Ltd's financial strength and counterparty credit ratings remain unchanged, despite the (re)insurer announcing that it expects to take a $75mn charge against the value of sub-prime-related securities in its investment portfolio.

Powerful consolidators are forcing insurers to "fundamentally re-examine their operating models" as they tighten their grip on the commercial SME market, according to the latest research.

Ping An Insurance, China's second largest life insurer, bought 4.18 percent of Benelux financial services group Fortis, at a cost of EUR1.81bn, last week.

Chaucer Holdings plc became the latest Lloyd's insurer to offer more capital back to shareholders when it promised to increase its total 2007 dividend by 25 percent.

US insurer Genworth Financial, Inc has become the latest firm to repurchase shares after announcing a $1bn buyback programme last week.

Last week's Martinique earthquake looks set to trigger the Caribbean Catastrophe Risk Insurance Facility (CCRIF).

AIG UK Ltd, one of the UK’s largest commercial non-life insurers, has appointed two new industry heavyweights to its board as part of its transformation into a multi-billion pound, FSA authorised insurance company.

Specialist broker THB Group plc has entered into talks with PWS Holdings over the acquisition of PWS' Lloyd’s broking business and overseas interests.

Ratings agency Moody's Investor Services has assigned ratings of Ba1, Ba3 and B3 to the three debt tranches in Bermudian (re)insurer XL Capital's new Cyrus Re II sidecar vehicle.

US hedge funds Steel Partners II and Carlson Capital are behind a new £75mn composite syndicate at Lloyd's.