January 2007/5

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.

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.

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

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.