February 2007/3

Icap, the world’s largest interdealer broker, has joined forces with JLT Group to operate in areas of increasing convergence between the capital markets and the (re)insurance industry.

Rating agency Standard & Poor’s (S&P) is launching a new set of ratings for the run-off sector to indicate the expectation of recovering the principal from (re)insurers.

SCOR has stepped up its takeover approach for rival Converium by formally pre-announcing a public tender offer for the remaining shares in the company.

QBE Insurance Group pointed to its recent foray of international acquisitions as deliverers of future growth, while joining the ranks of underwriters unveiling record 2006 results.

The Delaware insurance commissioner has given Royal & Sun Alliance (R&SA) the green light to spin-off its run-off US subsidiary, subject to conditions.

Stephen Way has formally completed his departure from HCC Insurance Holdings, the company he founded in 1974, at the same time as the firm announced a 79 percent leap in profits last year.

Risk Management Solutions (RMS) has released the “RMS Infectious Disease Model”, the first commercially available probabilistic model for assessing the risk of influenza pandemics across multiple countries.

Swiss reinsurer Converium has rejected a takeover bid from rival SCOR this weekend saying the unsolicited proposal “fundamentally fails to recognise the value of Converium's franchise and growth prospects”.

If the recent reinsurance legislation had been passed in a foreign country (re)insurers would be asking the State Department to intervene, according to Maurice “Hank” Greenberg, chairman and CEO of CV Starr & Co.

In a further sign of growing innovation between the (re)insurance industry and capital markets, the Chicago Mercantile Exchange (CME) is to begin trading hurricane futures and options in conjunction with reinsurance broker Carvill.

Although Aon Corp's audacious swoop for rival Benfield's facultative team continues to generate acrimony between the two firms, the UK-headquartered reinsurance broker has begun the process of recruiting new talent.

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