January 2007/2

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

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.

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.

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

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.

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.

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.

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.