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.

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.

Marsh Inc is set for a second management reshuffle in a matter of months as The Insurance Insider can reveal the chief operating officer of its US operations, Mark Feuer, is also leaving the firm.

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.

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.

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.

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.