January 2007/5

Lloyd's has welcomed news from India that its Finance Minister may open the country further to international investment.

The CEO of the UK regulator, the Financial Services Authority (FSA), announced he would be stepping down in July this year in an unexpected announcement on 16 January.

Hardy Underwriting could become the next Lloyd’s insurer to re-locate to Bermuda and take advantage of its lower tax rates, according to its CEO.

Lloyd's insurer Atrium announced the launch of a Financial Services Authority-regulated company to underwrite space risks on 16 January.

Bermudian-domiciled (re)insurer Omega Insurance Holdings is to launch a $30mn offshore energy account for its Lloyd's Syndicate 958 this year, it announced in a trading statement last week (16 January).

It was a case of "no wind, no problem" for reinsurers during the recent renewal season, according to a report published last week by reinsurance broker Benfield Group.

The acquisitive broker USI Holdings Corp has itself succumbed to a take-out offer after agreeing terms with the private equity arm of Goldman Sachs & Co last week.

UK insurer Royal & Sun Alliance Group plc's (R&SA) attempt to cut itself free from its US run-off business was heard at a public meeting last Friday (19 January).

After a weekend of heavy legislating, Florida’s lawmakers have hammered out a bill to provide rate reductions on homeowners’ insurance costs which is likely to have a significant impact on the US property & casualty industry.

London-based reinsurance broker Cooper Gay has announced that Jeremy Goodman, the managing director of its US-based Cooper Gay Steele reinsurance broking operation, will leave the company for personal reasons.

Run-off services provider CMGL announced on 19 January that it has been appointed to provide claims management services for ICM Syndicate 4242.

Swiss Re, the Zurich headquartered reinsurer which is pioneering the industry’s collaboration with the capital markets, has called on the creation of a new index for European natural catastrophes.