July 2006/2

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.

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.

But mixed views on rationale behind takeover... Analysts have given a mixed welcome to the move by Italian insurer Assicurazioni Generali to take over compatriot Toro Assicurazioni in a deal worth EUR3.85bn.

Guy Carpenter & Co has confirmed last week the appointment of David Spiller as its group chief executive, replacing the long-serving Salvatore Zaffino.

London-based broker Cooper Gay Group has parted company with its executive director of non-marine treaty reinsurance Dermot Flood as part of an organisational restructure.

Outsourcing firm Accenture is out of the running for the potentially landmark contract to run Aon Ltd's back-office function, The Insurance Insider can reveal.

Insurance broker Willis Group Holdings Ltd cancelled a $300mn debt issue at the end of June - a move that has led to speculation the firm is again considering a significant acquisition.

Total capacity at Lloyd's may rise next year after the first round of syndicates made their 2007 business forecasts.

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...

S&P reassesses syndicate ratings; UK start-up begins trading; FSA consults on special purpose vehicles; RFIB recruits energy team; Insurers dealt UK asbestos blow; Omega upbeat; Ward targets change with reshuffle; et al.