January 2007/3

Following the path of hedge-fund start-ups such as Bermudian Max Re Capital, set up in 1999 by Moore Holdings LLC, and successors CIG Re and Glacier Re, a number of standalone "unicycle" vehicles have emerged post-Katrina in search of direct access to pot

Integro Ltd, the "fresh start" commercial broker launched in the wake of Spitzer's attacks on the US insurance industry, saw revenues grow last year – but it still has a long way to go before it can challenge the hegemony of Marsh, Aon and Willis.

The pricing differences prevalent through 2006 continued during the important 1 January reinsurance renewals with US cat exposed property lines maintaining an upwards trajectory while other classes and territories under pricing pressure.

Goldman Sachs Asset Management (GSAM) is set to launch Steamboat Re, a Class III Bermudian incorporated reinsurer, The Insurance Insider can reveal.

The renewal of the flagship Lufthansa airline account last year highlights the soft market for airline insurance, The Insurance Insider can reveal.

German reinsurer Hannover Re will listen to offers for its run-off programme business Clarendon following the sale last month of its US subsidiary Praetorian Financial Group to Australia’s QBE Insurance Group Ltd.

Bob Clements’ Ironshore Ltd provides a further $1bn of scarce cat capital

With predictions that 2007 could be an eventful year for insurance M&A, Prudential, R&SA and Standard Life lead the list of possible targets…

Catlin Group estimated annual cost savings of $70mn from its £600mn+ acquisition of Wellington Group – with a proportion coming from job savings – so it was inevitable there would be some losses.

In the search for growth, Australia’s insurers have been involved in a series of mergers and acquisitions in the last six months epitomised by QBE Insurance Group’s double strike for Hannover Re’s Praetorian Group...

Bermudian (re)insurers are expected to play a bigger part in the world’s largest reinsurance contract for the International Group of P&I Clubs as broker Miller Insurance takes the programme to market ahead of next month’s renewal.

The North Korean state owned insurer Korea National Insurance Corporation (KNIC) has begun legal proceedings against a number of London market reinsurers that are refusing to pay a controversial claim.