January 2007/5

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).

A group of reinsurers which have been joined to Allianz over legal proceedings regarding a controversial North Korean claim have refused to acknowledge the lawsuit.

Nick Frankland, has been appointed as CEO of reinsurance broker Guy Carpenter’s UK operations following David Priebe’s return to the US as head of Global Specialty Group.

Bermudian (re)insurer White Mountains Insurance Group announced today (22 January) that Ray Barrette has taken over from Steve Fass as CEO and Jack Byrne as chairman.

Insured US catastrophe losses were down to $9bn last year, according to figures published by ISO’s Property Claim Services (PCS) on 16 January.

The board of US giant American International Group (AIG) has elected Dan Glaser as senior vice president, Foreign General Insurance.

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.

Catastrophe risk modelling firm AIR Worldwide has estimated insured losses from windstorm Kyrill will be $5.2-10.4bn.

Hannover Re has re-visited the capital markets in order to boost its Kaith Re "K5" securitisation to $520mn and expand its underwriting capacity.

Senior management at Windsor plc, the UK-quoted insurance broker, made public the terms of their £33.7mn acquisition proposal for the firm this morning (22 January).

Validus Holdings Ltd and Greenlight Capital Re Ltd became the third and fourth reinsurers formed after Hurricane Katrina to confirm plans for initial public offerings (IPO).

The Reinsurance Association of America (RAA) has called for comprehensive regulatory reform for reinsurance this year.

AXIS Insurance chairman Dennis Reding is to take up the position of chief operating officer at AXIS Capital as the Bermudian firm restructures.

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.

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.

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

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.

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.

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

The preparatory hearing of the ‘Independent Three’ former directors of the collapsed UK insurer Independent Insurance took place at Southwark Crown Court this morning (22 January).

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.

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).

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.