December 2007/5

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

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).

Catlin's $225mn Newton Re cat bond has attracted new investors to the sector from outside the traditional investor base - a testament to the growing attractiveness of insurance linked securities (ILS) to the capital markets.

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 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

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

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.