January 2006/1

As revealed by Insider Week in November, Creechurch Underwriting has announced that it is to form Lloyd’s first takaful syndicate, which will be compliant with Shari’a law.

US insurer HCC Insurance Holdings has completed the acquisition of the 80 percent outstanding shares in Illium Insurance Group, the parent company of Lloyd’s managing agency Illium, which manages liability and motor Syndicate 4040.

UK listed broker Jardine Lloyd Thompson Group plc saw its reinsurance arm commence trading as a separate entity under the name JLT Re on 1 January.

Giant reinsurer Munich Re has predicted that it will hit its results target for 2005 despite it being the most expensive year ever for natural disasters.

Analysts from US market information firm Advisen have estimated worldwide insurance and reinsurance losses from the trio of major hurricanes hitting the US last autumn will hit $57.6bn, based on reported property and business interruption losses and...

Amlin Bermuda has received ratings from Standard & Poor’s (S&P) and Moody’s, becoming the first “Class of 2005” reinsurer to be rated by the agencies.

A record year for CAT bond issuance was rounded off on 22 December when Montpelier Re announced two bond transactions worth $90mn in cover with Cayman-based Champlain Limited.

Bermudian reinsurer Montpelier Re confirmed yesterday (2 January) the capitalisation of $300mn start-up Blue Ocean Reinsurance Ltd to write retrocessional business on its behalf.