December 2007/2

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.

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.

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.

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.

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.

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

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.