January 2009/2

Hannover Re has agreed to buy a book of US life reinsurance business from Scottish Re with estimated premium volume of $1.2bn in what it described as a “transformational step” for its global life unit.

Acquisitive US broker Arthur J Gallagher is to take over the policy renewal rights from Liberty Mutual's middle-market commercial property/casualty business located in the Midwest and Southeast regions in a deal potentially worth $120mn.

Ironshore Inc has continued its raid on American International Group (AIG) with the appointment of a trio of executives to man a newly created US property/casualty operation.

Bermudian (re)insurer Validus Holdings Ltd has joined the crowd of underwriters increasing their loss estimates from Hurricane Ike as the harsh impact of the September 2008 storm continues to mount.

Ulrich Wallin has been appointed as the next CEO of Hannover Re and E+S Re to succeed present incumbent Wilhelm Zeller.

Ratings agency Standard & Poor’s has downgraded its financial strength ratings on Transatlantic Holdings’ core operating companies from AA- to A+ and lowered its counterparty credit ratings from A- to BBB+.

Shipowners face a hike in premiums next month after the International Group of P&I Clubs (IG) unveiled general increases on all classes of vessel in its excess of loss reinsurance renewal, as the impact of heavy claims in 2006 and 2007...

Bermuda-headquartered Lloyd’s (re)insurer Catlin is predicted to swing to a full-year loss for 2008, and may need a capital infusion, according to an investment note from Numis Securities.

According to sources, after a month of exclusive talks private equity firms Apollo Capital and BC Partners are on the cusp of launching a formal bid for Royal Bank of Scotland Insurance (RBSI), which is likely to value the units at close to £5bn.

Broker Aon Benfield has estimated that direct insured losses arising from the alleged $50bn Bernard Madoff Ponzi scheme could reach as high as $3.8bn.

Platinum Underwriters Holdings has become the latest (re)insurer to increase loss estimates from Hurricane Ike as the true impact of September’s storm continues to escalate.

Aon Benfield, the reinsurance arm of broking giant Aon Corp is to outsource its UK back office following the £935mn merger of the two firms last year.