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December 2007/4

  • 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).
  • 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.
  • Questions over Bermudian reinsurer XL Capital's exposure to the sub-prime debacle continue to dog the firm as it mulls a rescue for monoline bond insurer Security Capital Assurance (SCA).
  • Anxious investors are awaiting the release of fourth quarter results from a number of banking groups this week, with concern mounting over the size of sub-prime related losses yet to come to light in the banking system.
  • 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.
  • US insurance group American Finance Group Inc (AFG) has bought a majority interest in Lloyd's insurer Marketform Group Ltd, The Insurance Insider can reveal.
  • 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.
  • 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.
  • 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.
  • 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.
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