July 2006/2

In a landmark sale Randall & Quilter has acquired some $900mn of ACE's asbestos reinsurance book It was brutal, and at times bloody, but 18 months after applying to sell part of its Brandywine legacy exposures to...

White Mountains raises storms bill by $200mn; Imagine heads for court date with former CEO; River Re licensed in Barbados; Glacier Re mounts defence of under review rating; NAIC vote moves to end US collateral requirements; et al.

Staff at Lloyd's run-off Equitas Holdings Limited have been rewarded for their success at commuting claims with major policyholders by pay rises which have seen the average salary increase by over £30,000 in the last four years.

Rating agency Standard & Poor's (S&P) says that more (re)insurers are likely to become insolvent as Solvency II puts the industry through a "revolution".

Carriers will not just be tested on their ability to pay claims but will also be ranked according to their client service levels, following a new initiative launched by broker Willis Group Holdings Ltd.

Broker Aon Corp has agreed to sell its warranty arm to Canadian conglomerate Onex Corp in an estimated $710mn deal.

The recent reshuffle at the top of Willis Re has sparked talk in the market that Grahame Millwater is being groomed as a potential candidate to succeed Willis chairman and CEO Joe Plumeri.

UK-quoted insurer Hiscox said last month that plans to redomicile to Bermuda are on track.

Lloyd's insurer looks to raise up to £100mn to back further expansion plans The independent Lloyd's (re)insurer Cathedral Capital plc is looking to raise up to £100mn in a fund raising that will provide a platform for further expansion by...

Bermudian (re)insurer Allied World Assurance Co (AWAC) is set to continue its capital building strategy after its forthcoming initial public offering (IPO) with the issue of $500mn senior notes.

The protracted fallout caused by Maurice "Hank" Greenberg's March 2005 departure from giant US insurer American International Group (AIG) continues both in and out of the US courts.

Despite initial reservations, the investment community appears to have warmed to French giant AXA's move last month to buy Swiss insurer Winterthur from banking conglomerate Credit Suisse Group.