January 2007/1

Munich Re regained its targeted AA- rating from Standard & Poor’s (S&P) last month with the rating agency upgrading the German giant from A+ and assigning a stable outlook on 22 December.

Paris Re Holdings has become the latest reinsurer to launch a sidecar-style vehicle with the establishment of Triomphe Re, a $185mn Bermuda domiciled Class 3 reinsurer last month.

Analysts have broadly welcomed reports that Marsh & McLennan Companies (MMC) has agreed to sell subsidiary Putnam Investments to Power Corp of Canada for $3.9bn.

Apparent tensions between Catlin Group and AM Best re-surfaced last month with the rating agency confirming on 20 December that it would maintain its review with negative implications of the insurer’s rating despite the unconditional declaration of its ta

Beazley Group plc has increased its share of the capacity on its Lloyd’s syndicates to 81 percent with the acquisition of the corporate capital vehicle Santam Corporate Ltd.

“Two large claims” incurred in January 2005 led to AM Best double downgrading Primary Group’s Irish insurance subsidiary Primary Insurance Company Ltd (PICL) before the Christmas break.

US insurance broker AJ Gallagher said last week that it will take a $5mn-$10mn fourth quarter charge following a $36.9mn deal to settle a class-action lawsuit over contingent commissions.

Munich Re has made its latest foray into the world of reinsurance securitisation with the launch of a $190mn cat bond on behalf of Zurich Financial Services Group (ZFS) to cover Californian earthquake risks.

Lloyd’s first sidecar syndicate, Managing Agency Partners Ltd’s (MAP) Syndicate 6103, began underwriting last month after successfully raising £43mn in capital from Lloyd’s Names.

A buyers’ market has seen plummeting airline rates with German airline Lufthansa leading the way, Insider Week can reveal.

Catastrophe exposed US reinsurance property rates rose around 40 percent at the 1/1 renewals as reinsurers sought to bring in-line with the mid-year 2006 pricing levels, according to the broker Willis Re.