December 2007/2

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.

US insurer HCC Insurance Holdings Inc has announced the acquisition of Indiana-based MultiNational Underwriters (MNU) and the establishment of a new $24mn capacity Lloyd’s syndicate.

Troubled broking giant Marsh Inc has been hit by the sudden resignation of its key executive Phil Moyles, The Insurance Insider can reveal.

The continuing trend for softening in the reinsurance market has seen property catastrophe rates drop by around 9 percent at the 1 January renewals, according to reinsurance broker Guy Carpenter & Co.

Michael Cherkasky, the president and chief executive of Marsh & McLennan Companies Inc (MMC), has been axed by the firm following continuing criticisms of the group’s performance.

The sub-prime woes of Bermudian (re)insurer XL Capital Ltd continue to deepen as ratings agency Moody’s Investors Service placed the firm’s ratings on review for possible downgrade.

Lloyd’s is planning to enter the Brazilian reinsurance market as an admitted carrier following the country’s approval of plans to scrap its collateral requirements for higher rated reinsurers.

Bermudian giant ACE Ltd has sought to reassure investors over the potential exposure of its investment portfolio to the sub-prime fallout.

Bermuda’s Progressive Labour Party (PLP) has emerged victorious in the island nation’s general election.

Jardine Lloyd Thompson Group plc (JLT) has hired James Gerry to head up Thistle Underwriters Ltd (TUL), a new operation launched by the UK-listed broker.

The UK’s restrictive tax regime as well as proximity to the US market are key reasons for Lloyd’s (re)insurer Hardy Underwriting Group’s decision to redomicile to Bermuda, the company has explained.

Aon Corp is selling its US property and casualty arm Combined Insurance Co to ACE Ltd for $2.4bn and has committed to returning all the proceeds to its shareholders.