January 2008/1

Island Heritage Holdings Ltd, the Cayman Islands-based insurer that is controlled by Flagstone Re has appointed Garth Macdonald as CEO.

The new reinsurance rules introduced in Brazil, which have encouraged Lloyd's to plan an admitted carrier, should boost the region's growth, according to Fitch Ratings.

Renewable energy insurer GCube Underwriting Ltd (GCUL) and GCube Underwriting Services Inc (GCUS) has opened for business today (7 January) offering up to $600mn cover per project, for onshore and offshore...

US broker Arthur J Gallagher & Co has acquired AVRECO, a managing general agent and wholesale insurance broker based in Chicago from The Park Group.

US insurer Chubb Corp has confirmed it will redomicile its European holding company from Brussels to London, as revealed by The Insurance Insider last year.

Insurance-linked securities pioneer Swiss Re has announced the final pricing of EURIBOR plus 360 basis points on its EUR200mn French windstorm cat bond, issued on behalf of French mutual Groupama SA.

The continuing trend for softening rates in the reinsurance market during the 1 January renewals was underpinned by the lack of catastrophe losses last year, according to reinsurance brokers Guy Carpenter & Co and Willis Re.

Bermudian insurer Ironshore Inc has continued to grow its US platform with the acquisition of an excess and surplus lines shell from TIG Insurance Company, a Fairfax Financial Holdings Ltd subsidiary in run-off.

Another equity analyst increased the pressure on reinsurance intermediary Benfield Group's share price by lowering its forecasts and reiterating a SELL recommendation on the company’s stock last week.

US financial services firm State Street Corp's decision to establish a $618mn fund to cover sub-prime related lawsuits has set alarm bells ringing among directors' and officers' (D&O) insurers offering defence costs coverage.