February 2007/2

The growing interest amongst investors for exposure to the insurance sector has encouraged rating agency Fitch Ratings to form a new group that will rate all forms of insurance-linked securities (ILS).

Beleaguered Bermudian reinsurer PXRE is facing termination charges of up to $60mn on cat bonds and reinsurance contracts if, as expected, it goes into run-off.

Giant Swiss insurer Zurich Financial Services Group (ZFS) has announced Peter Eckert, the group’s chief operating officer, is to retire at the end of the month.

Endurance Specialty Holdings Ltd booked year-on-year premium growth in excess of 10 percent as it reported 2006 net profits of $498.1mn and record annual return on equity (ROE) of 25.6 percent.

Veteran London market figure Graham White was appointed as the new deputy chairman of Lloyd's by the Council of Lloyd's on 5 February.

Lloyd's insurer Beazley Group plc has announced that it will begin underwriting US commercial property business on an admitted basis.

Giant US insurer American International Group's (AIG) Lexington Insurance Co has increased its capacity of commercial domestic property terrorism insurance to $250mn from $100mn.

Market information and analysis firm Advisen Ltd has teamed up with messaging specialist Web Connectivity Ltd to launch, Easy Placement, a web-based software programme that enables brokers to...

"Gold-plated" reinsurance was key to the landmark $7bn deal between Equitas and Berkshire Hathaway according to Scott Moser, CEO of the Lloyd's run-off vehicle.

Insurance broker Willis Group Holdings revealed it would be reducing its headcount by an extra 100 people as it announced its annual profits had grown to $449mn last year, compared to $281mn in 2005.

Reinsurance broker Benfield Group has bolstered its Fac team again with the appointment of Michael Lazarus as head for Australia, New Zealand and South Africa.

Reinsurance broker Guy Carpenter has appointed Ajay Junnarkar as its chief financial officer as it seeks to "further its capital markets capabilities".