January 2008/2

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

Crystal ball-gazers of broker M&A activity have long predicted that Joe Plumeri has at least one major deal in him before he steps down at Willis Group and it could prove to be a spectacular one.

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

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.

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.

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.

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

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.

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...

Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP

Asbestos liability (re)insurer St George Re in Bermuda launch; Great American accused of bid rigging; Citizens in Bermuda; Ironshore buys Fairfax shell; Tobin steps down from XL...

R&Q Re (Bermuda) Ltd is set to go live on the island during the first quarter of this year after recently listed UK run-off firm Randall & Quilter Investment Holdings (R&Q) received regulatory approval.