December 2007/5

Bermuda's Progressive Labour Party (PLP) emerged victorious in the island nation's general election earlier this week.

Renowned reinsurance industry figures Jim Stanard and Rod Fox have teamed up to launch an insurance management firm backed by venture capital.

The cost of the hull damage on the Airbus that crashed into a wall during tests at Toulouse-Blagnac airport in France last month could be as high as $200mn, The Insurance Insider has learnt.

Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) has repurchased 19.4 percent of its common stock from one of the firm's founding shareholders, American International Group Inc (AIG).

The sub-prime woes of XL Capital Ltd deepened as its shares fell almost 7 percent yesterday to a 52-week low of $49.23 on the New York Stock Exchange after ratings agency Moody's Investor Service placed the Bermudian (re)insurer's ratings on review for po

Insurance linked securities (ILS) pioneer and prolific cat bond issuer Swiss Re is expected to return to the capital markets shortly with $660mn of notes in two new cat bond transactions.

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 US House of Representatives has voted to extend the Terrorism Risk Insurance Act (TRIA) for seven years, bowing to Senate lawmakers who passed a similar programme in November.

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 explained.

Natural disasters cost $61bn in economic damages in 2007, approximately $25bn of which was insured losses, according to research by reinsurance giant Swiss Re.

Jardine Lloyd Thompson Group plc (JLT) has become the latest broker to launch an underwriting operation as it looks to develop its revenue streams.