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December 2007/2

  • Capita Group plc has won the £200mn contract to run Marsh UK’s back office in a deal which will see 650 of the broker’s staff move to the outsourcing firm.
  • Run-off (re)insurer Alea Group Holdings has reached agreement to “fully and finally” commute all exposure under an excess-of-loss reinsurance treaty.
  • BMS, the independent London market broker, has confirmed the resignation of its chief executive, John Spencer.
  • Recently listed UK run-off firm Randall & Quilter Investment Holdings (R&Q) has received approval to establish a Bermudian reinsurer, R&Q Re (Bermuda) Ltd, The Insurance Insider can reveal.
  • Derivatives platform Insurance Futures Exchange Services (IFEX) which began trading in US catastrophe risks as futures contracts in September, now has cumulative trading volumes totalling more than $31mn...
  • Bermudian corporate asbestos liability risk reinsurer St George Re is set to begin trading offering US companies protection against asbestos claims, the company confirmed today (9 January).
  • US insurer CV Starr & Co Inc has launched a Lloyd’s energy syndicate with £30mn 2008 capacity in partnership with private equity firm First Reserve Corporation.
  • The proposed insurance company focusing on energy and commercial property lines and backed by ex-Aon Natural Resources London chairman Tim Fillingham and former Navigators UK and Europe CEO David Hope will be called Torus, The Insurance Insider can reveal
  • Bermudian reinsurer White Mountains Re has cancelled its quota share arrangement with Helicon Re and Olympus Re for the 2008 year as a result of the softening property cat market.
  • Leading insurance linked securities (ILS) issuer Swiss Re has once again returned to the capital markets with a $496mn continuation of the Redwood series of cat bonds, issued on behalf of the California Earthquake Authority (CEA).
  • Another equity analyst piled the pressure on reinsurance intermediary Benfield Group’s share price by lowering its forecasts and reiterating a SELL recommendation on the company’s stock.
  • Bermudian insurer Ironshore Inc has continued to grow its US platform with the acquisition of an excess and surplus lines shell from TIG Insurance Company, a Fairfax Financial Holdings Ltd subsidiary in run-off.
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