July 2007/2

Liechtenstein-based liability insurer Gable Insurance had its shares suspended from the AIM stock exchange at 16p after missing the deadline to post its audited results for 2006.

Bermudian (re)insurer Validus Holdings said last week it expects to raise around $311mn in net proceeds assuming an offer price of $25 in its forthcoming initial public offering (IPO).

Lloyd’s insurers Hiscox plc and Kiln plc have confirmed they intend to reduce their capacity limits next year reflecting the declining market rates.

Accountancy firm Price Waterhouse Coopers (PwC) has settled a lawsuit for $225mn with fraud-riddled manufacturing conglomerate Tyco International, over claims that it ignored fraud committed by top executives at the firm.

Hannover Re is to open a branch office in Bahrain to support the (re)takaful business it opened in the kingdom last year.

Lloyd’s listed company Amlin plc became the latest insurer to obtain greater control of its distribution networks when it acquired the underwriting agency Allied Cedar Insurance Group last week.

US insurer The Travelers Cos announced last week it has settled one its largest asbestos cases for a total of $449mn.

Last week saw the launch of renewable energy underwriting initiatives by Lloyd’s insurer Ascot Underwriting, and ACE European Group in anticipation of growth in the alternative energy sector.

Sagicor joined its Caribbean rival Guardian Holdings Ltd in having a Lloyd’s presence after it acquired Gerling at Lloyd’s, and its Syndicate 1206, last week.

Forecaster Tropical Storm Risk (TSR) has lowered its prediction for the North Atlantic hurricane season from 55 percent above the norm to 40 percent.

Relations between Catlin Group Ltd and AM Best appear to have thawed with the Bermuda-headquartered (re)insurer welcoming the agency’s move to assign ratings to its US admitted lines operation, and upgrade Catlin Specialty Insurance Company (CSIC).

Lloyd’s members’ agent Hampden Agencies Ltd is set to derail the proposed merger of AIM-listed insurer Heritage Underwriting Agency plc’s syndicates, after it recommended that Names reject the plan.