January 2008/2

Difficult trading prospects are believed to have forced US broker Arthur J Gallagher & Co to put its reinsurance subsidiary up for sale – just three years after it was set up, The Insurance Insider can reveal.

Bermudian firms PartnerRe and RenaissanceRe have announced combined writedowns of over $200mn from their stakes in financial guarantee reinsurer Channel Re.

Nigel Roberts has joined Willis after leaving Aon Ltd last year.

Florida insurance commissioner Kevin McCarty has suspended Allstate Companies from writing new business in the state after accusing the US insurer of failing to provide subpoenaed documents at a hearing into its Florida activities.

Private equity-backed Lloyd’s insurer Canopius Group Ltd is continuing its expansion strategy with a Dublin-based operation that will initially specialise in structured reinsurance.

Specialist broker THB Group plc has pulled out of talks with PWS Holdings plc over the acquisition of PWS’ Lloyd’s business and overseas interests.

David Batchelor, Marsh’s head of Asia Pacific, is to return to the UK as CEO of its operations in Europe, the Middle East and Africa (EMEA) as the broker’s new CEO Dan Glaser continues to reshuffle his team.

Paul Karon - the CEO officer of reinsurance intermediary Benfield’s US division - has sold more than half his stock in the company.

UK quoted run-off acquisition firm Tawa plc will now pay a reduced cash sum of $54mn to buy defunct US reinsurer PXRE Reinsurance Company following a dividend paid out by the company.

Listed Bermudian-headquartered legacy firm Enstar Group has acquired AMP Ltd's Australian-based closed (re)insurance operations for A$585mn ($518mn).

Ex-Converium boss advised MDU on SCOR deal; FSA appoints Sally Dewar in wholesale role; Marsh in £200mn UK back-office outsourcing deal; Glacier Re to form London platform...

Run-off (re)insurer Alea Group Holdings has reached agreement to "fully and finally" commute all exposure under an excess-of-loss reinsurance treaty.