February 2008/3

Catlin Group Ltd is poised to launch a second Newton Re cat bond providing $240mn of natural catastrophe perils coverage.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is to be expanded for 2008 renewal, doubling available coverage to $100mn per peril.

US insurer HCC Insurance Holdings Inc has settled the class action lawsuit over its stock-option granting practices for $10mn.

Lloyd's (re)insurer Hardy Underwriting Group (HUG) has received court approval for its scheme of arrangement to redomicile its operations to Bermuda.

Chaucer Holdings plc will own 100 percent of capacity on Lloyd's Syndicate 4000 after completing a deal to buy out Quanta's interests in Pembroke, the joint venture set up by the companies in 2006 after the Bermudian went into run-off.

Lloyd's (re)insurer Beazley Group has set up a new division focusing on political and contingency risks.

Bermudian Allied World Assurance Company Holdings (AWAC) posted record 2007 net income of $469.2mn, edging ahead of the $442.8mn booked in the prior year as it reported its first results since buying out founding shareholder American International Group..

Analysts continue to focus on uncertainty surrounding Bermudian giant XL Capital as the troubled (re)insurer reported fourth quarter earnings in line with last month's sub-prime loss fuelled profits warning.

German giant Munich Re has become the latest group to take advantage of the deregulated Brazilian market.

Premium income in the life and non-life sectors showed healthy growth at Italian bancassurance group Assicurazioni Generali, boosted by consolidation last year.

Lloyd's managing agency Novae Syndicates Limited has reported no deterioration in run-off reserves as it continues to successfully manage down its legacy business.

Tony Holt, the respected industry veteran and head of Amlin's underwriting has taken a leave of absence from the Lloyd's insurer because of ill-health.