February 2007/5

Converium has laid out a “road map” to generate a sustainable return on equity (ROE) of 14 percent by 2009 as it continues to fend off advances from rival SCOR.

Converium has reiterated its rejection of advances from SCOR after the French reinsurer stepped up its takeover approach by pre-announcing a public tender offer for the remaining shares in its Swiss rival which it says it will make within six weeks.

The acquisition of Hub International for $1.7bn ($1.8bn including debt) is further proof of investors' growing interest in the broking sector – and the rising multiples being charged by sellers.

Bermudian (re)insurer XL Capital has announced a new share repurchase programme authorising it to buy-back up to $1bn of its Class A ordinary shares from investors.

Struggling Bermudian life reinsurer Scottish Re Group said it was "disappointed" with its fourth quarter after unveiling a $233.8mn net loss.

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.

2006 was a gold standard year for Bermudian reinsurer Platinum Underwriters Holdings as it joined its rivals in rebounding from the heavy losses of the previous year.

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.

The worst of the asbestos related difficulties faced by (re)insurers may now be in the past, according to a report by ratings agency Standard & Poor's (S&P).

It is imperative that the insurance industry not only understands risk, but thinks of it as an opportunity, according to Aon president and CEO Greg Case.

Expanding US broker Hilb Rogal & Hobbs has seen Bear Stearns upgrade its forecast earnings on the back of its accelerating acquisition strategy.

Bermudian ACE's London market operation has poached Kiln underwriters Mark Adams and Richard Bayman to bolster ranks in its aviation division.

Sal Zaffino, the chairman of Guy Carpenter & Co since 1999, has retired from the firm, the reinsurance broker confirmed last week.

Three of the world's largest (re)insurers, Munich Re, Swiss Re and Allianz, have signed a declaration issued by the Global Roundtable on Climate Change (GRCC).

Lloyd's insurer Amlin plc has become the first carrier in the London market to offer brokers the option of placing electronically through peer-to-peer systems or an electronic hub.

The World Bank is bringing together donor countries today to raise between $30mn and $50mn to complete funding for a Caribbean Catastrophe Risk Insurance Facility (CCRIF).

Hannover Re today (26 February) confirmed a deal that securitises reinsurance recoverables worth EUR1bn – equivalent to around a quarter of its total balance.

The sale of shares in subsidiary Odyssey Re boosted the fourth quarter profits of Canadian combine Fairfax Financial Holdings to $159.1mn.

Rating agency AM Best said Friday (23 February) it expects recent steps to effectively nationalise Florida's property cat reinsurance market will result in a significant decline in sidecar and start-up operations.

Adrian Ryan, one of John Charman’s key lieutenants at AXIS Capital until his departure last year, has teamed up with Sean Dalton and Andrew Elliott, the former managing director and head of underwriting at Liberty Syndicates, to plan a new Lloyd’s syndica

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.

Lloyd's looks set to approve a new syndicate later this week staffed by senior underwriters who left the Bermudian (re)insurer Aspen Insurance Holdings Ltd last year.

Delaware insurance commissioner Matthew Denn had some harsh words for Royal & Sun Alliance (R&SA) despite giving the green light to spin-off its run-off US subsidiary last week.

Lockton International, the ambitious arm of US broker Lockton Inc, has appointed former JLT exec Tony Hardy as managing director, Global Casualty, to build its business in the North American, European and wider international markets.

IPC Re's chief executive Jim Bryce has warned that the industry is now at a pricing crossroads and encouraged reinsurers to consider returning funds to shareholders to avoid excess capital chasing down rates.

Giant US IT provider IBM is to make its entry into the London market this year with the release of a system that will facilitate electronic risk placement.