December 2007/6

AXA's agreement to pay EUR810mn for a 36.7 percent stake in Russian insurer RESO Garantia has received an upbeat response from the investor community.

Bermudian reinsurer Validus Re has replaced its collateralised quota share vehicle, $200mn marine and offshore energy sidecar Petrel Re, with a similar arrangement backed by an existing reinsurer.

An active week at Berkshire Hathaway saw the Warren Buffett-headed firm enter the troubled bond insurer sector, and buy-up a reinsurance run-off unit of Dutch financial services giant ING for $433mn.

Bermudian (re)insurer XL Capital Ltd has announced the earlier than expected departure of its chairman Michael Esposito.