December 2007/4

Wendy Baker has resigned from her post as president of Lloyd's America to pursue other interests.

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.

UK run-off firm Randall & Quilter Investment Holdings (R&Q) will see trading in its shares begin later this week as it completes its initial public offering (IPO) on London Stock Exchange's Alternative Investment Market (AIM).

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.

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.

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.

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.

Bond investors on Zurich Financial Services' (ZFS) loss-stricken Kamp Re 2005 paid out $29.7mn in losses from the principal amount of the notes on 14 December.

Arthur J Gallagher & Co (AJG) has bolstered its presence in the energy markets with the agreement to acquire a 38.5 percent stake in Jamaican-headquartered intermediary CGM Group (CGM).

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

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.