December 2007/4

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.

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

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).

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.

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.

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.

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).

Shares in Benfield Group have continued to slide following the reinsurance broker's profits warning last Monday.

With Kiln plc set to become the sixth Lloyd’s insurer snapped up this year after its board approved a £442.2mn offer from Japan's Tokio Marine & Nichido Fire Insurance Co (TMNF), attention has already turned to who the next target in the sector will be.

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).