February 2011/2

Towergate Partnership's £520mn bond issuance was oversubscribed by between five and six times, The Insurance Insider understands.

Australian insurer QBE has continued to build out its US platform with a deal for the distribution rights and portfolio of force-placed specialist Balboa, which takes its annual premium base in the US to an estimated $6.6bn.

BlackRock, one of the five biggest holders of London-listed insurance equities, has slashed its stake in Omega Insurance by more than half.

Allianz Plc, the Irish subsidiary of global insurance giant Allianz, has had its financial strength rating downgraded to A- from A by S&P to reflect the corresponding downgrade for Ireland's sovereign debt.

Private equity-backed financial lines managing agency Nexus Underwriting Management (NUM) has secured the backing of new capital providers after Lloyd's (re)insurer Argo Group withdrew support for one of its subsidiaries last month.

Three Lloyd's managing agents have faced an intrusive Section 166 investigation from UK regulator the Financial Services Authority (FSA) in the last two years following compliance concerns, The Insurance Insider has learned.

Joseph Brandon - the former General Re CEO who was forced to resign amid growing pressure from US regulators over a controversial finite reinsurance transaction with American International Group - can return to the industry with his reputation intact.

Guernsey-based private equity firm Terra Firma is in talks to acquire Lloyd's (re)insurer Chaucer plc, The Insurance Insider can reveal.

Declared losses from Australia's recent spate of catastrophes have reached roughly $1.75bn, according to initial analysis from The Insurance Insider.

QBE has confirmed details of its giant $1.3bn multi-year global cat reinsurance cover, which was first revealed by The Insurance Insider last November.

Rates for US property and casualty insurance fell by 5 percent on average in January, according to the latest market barometer from Texas-based insurance exchange MarketScout.

The problem with many US prosecutors' attacks on our industry since the aggression first unleashed by Eliot Spitzer in 2004 bore such spectacular fruit is that they have been so far wide of the mark.