January 2006/1

Mike Mackenzie has become the latest senior figure to part company with rating agency AM Best’s European operation. Mackenzie resigned his position as general manager of European business development.

The annual report of “Judicial Hellholes” has been published by the American Tort Reform Association (ATRA) naming and shaming the worst jurisdictions in the USA. ATRA defines “Judicial Hellholes” as places where “judges systematically apply laws and..

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.

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.

Reinsurance giant Swiss Re last week (28 December) announced that it had completed a second deal securitising future profits from a portfolio of US insurance policies bought up by its Admin Re division.

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.

Failed (re)insurer GoshawK has today (3 January) announced increased provisions at its Bermudian subsidiary Rosemont Re for losses arising from last autumn’s hurricanes and prior-year legacy issues.