January 2007/2

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).

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

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).

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

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.

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.