January 2007/2

Lockton International, the rebranded former Alexander Forbes International business, has recruited Julian James, the director of Lloyd’s, Worldwide Markets.

UK insurer Brit Insurance Holdings plc joined the G6 group of Lloyd’s insurers on 8 January, taking up the vacancy created by Catlin Group’s £600mn takeover of Wellington Underwriting last year.

Bermuda’s ACE announced last week it had increased its presence in the South American life market with the acquisition of Peruvian company Altas Cumbres Life Insurance Company (ACLIC) from its Chilean parent Grupo Altas Cumbres (GAC).

UK insurer Brit Insurance Holdings plc has said that it achieved 100 percent contract certainty on its 1 January 2007 outwards non-proportional reinsurance placements by the end of 2006.

Stockbroker Shore Capital has upgraded its 2006 forecasts on Hardy Underwriting following the benign hurricane season as it expects the Lloyd’s insurer to cash in on its strategy to underwrite US catastrophe exposed business without reinsurance protection

US insurer St Paul Travelers is to terminate the payment of contingent commissions to brokers by the end of the year, according to Connecticut attorney general Richard Blumenthal.

Castlewood Holdings Ltd, the Bermuda headquartered run-off acquisition and consultancy firm, bought Inter-Ocean Holdings Ltd for $57mn at the end of last year.

Plummeting rates during last year's airline renewals have left the market close to its "burning cost" where it could struggle to turn a profit.

Reports by two major brokers on the 1/1 reinsurance renewals have taken different views on the size of rate rises for US catastrophe exposed property lines.

Catlin Group Ltd said its 2007 renewals came “in line with expectations” with a contrast between catastrophe and non-catastrophe exposed business.

Lloyd’s (re)insurers have been warned against diversification for “diversification’s sake” at the expense of their core businesses, by Tony Markel, president and chief operating officer of Markel Corporation.

Around 80 percent of claims, estimated to total $32bn, arising from hurricanes Katrina, Rita and Wilma remain unpaid, according to Charlie Cantlay deputy chairman of Aon Re UK.

The exit of former Wellington Underwriting staff following the company’s £600mn takeover by Catlin Group has continued with the departure of its two senior aviation underwriters.

Integro Ltd, the "fresh start" commercial broker launched in the wake of Spitzer's attacks on the US insurance industry, has sponsored the launch of Ironshore Ltd, the latest insurer to land on Bermuda’s increasingly crowded shores.

As expected, S&P raised its financial strength ratings on Winterthur Swiss Insurance Co by two notches to A+ following the completion of its acquisition by AXA.

The new Bermudian reinsurer Aeolus Ltd has doubled its capital to more than $1bn following a second fund raising.

French giant AXA announced late Thursday (5 January) it has agreed a deal to sell the US operations of its recent acquisition Winterthur to QBE Insurance Group for total consideration of $1.8bn.

Japanese insurer Mitsui Sumitomo Insurance (MSI) confirmed last week it had taken over management of its Syndicate 3210 from Lloyd’s insurer Chaucer Holdings Plc (Chaucer).

Bermudian-headquartered (re)insurer Lancashire Holdings Ltd today (8 January) announced the appointment of John Melcon as CEO of the firm’s Middle East marketing operations.

JK Buckenham, Hyperion Insurance Group’s reinsurance broking arm, announced the arrival of former BMS International executive Ian Smith, last week.