December 2007/5

UK quoted run-off acquisition firm Tawa plc will now pay a reduced cash sum of $54mn to buy the defunct US reinsurer PXRE Reinsurance Company following a dividend paid out by the company.

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

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

Lloyd's published an update to its rolling three-year strategic plan last week, highlighting achievements since its launch at the start of 2006, but warning of soft market challenges, and work required to improve efficiencies in the market's operating env

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).

Bermudian-headquartered insurance giant ACE Ltd has sought to reassure investors over the potential exposure of its investment portfolio to the sub-prime fallout.

The California Earthquake Authority (CEA) has emerged as the latest industry victim of Mainsail II LLC, the ailing structured investment vehicle (SIV).

UK run-off firm Randall & Quilter Investment Holdings (R&Q) saw its share price climb after trading began on the London Stock Exchange's Alternative Investment Market (AIM) yesterday, having raised £17mn in capital in its initial public offering (IPO).

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 catastrophe reinsurance specialist IPC Holdings Ltd has seen its reinsurance subsidiaries assigned a negative outlook by AM Best over enterprise risk management (ERM) concerns.

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

The US property/casualty insurance industry's after tax net income rose 7.1 percent to $49.4bn in the first nine months of 2007, but profitability slipped to 13.1 percent for the period from 13.8 percent in the previous year, as underwriting results deter