December 2007/4

The US holding company of Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) has entered into an agreement to purchase Converium Insurance (North America).

AM Best bolstered its London operations with the hiring of Lloyd's head of capital and broker relationships, Nick Charteris-Black.

Ratings agency Moody's Investors Service has placed the financial strength ratings (FSR) and subordinated debt rating on Hannover Re Group subsidiaries on review for possible upgrade.

Ironshore Inc - the Bermudian start-up insurer currently circling the quoted Lloyd's minnow Heritage Underwriting - has appointed the former Lloyd's chief executive Ron Sandler as chairman.

The joint venture platform established by the world's largest interdealer-broker ICAP plc and insurance intermediary JLT Group plc has brokered its first catastrophe swap trade, for 2008 North American windstorm.

Listed Bermudian-headquartered legacy firm Enstar Group has acquired AMP Ltd's Australian-based closed (re)insurance operations for A$585mn ($518mn).

Catlin Group Ltd's Bermudian operating subsidiary has launched a new cat bond, Newton Re, providing $225mn of cover in two tranches for US wind and quake over a three year period.

Critical issues surrounding the extension of the Terrorism Risk Insurance Act (TRIA) due to expire on 31 December need urgent attention if a bill is to be effective, according to a leading risk modelling firm.

Non-life insurance stocks contain some risk, but more reward despite exposure to the sub-prime crisis and the downward pressure on rates, according to Standard & Poor's (S&P) analyst Tony Silverman.

Standard & Poor's (S&P) has upgraded the financial strength ratings on the main subsidiaries of the Royal & SunAlliance Group (R&SA) from A- to A.

The Association of Insurance and Risk Managers (AIRMIC) has welcomed moves by the Financial Services Authority (FSA) to further investigate inefficiencies in the commercial general insurance market.

Standard & Poor's (S&P) has upgraded ratings on Renaissance Reinsurance Ltd from A+ to AA- as it praised the company's parent for holding onto its competitive position in the property cat market following the departure of senior management in 2005.