July 2007/2

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.

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 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.

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

The scale of the UK’s flood damage is now likely to cost the insurance industry more than £1.5bn, according to the Association of British Insurers (ABI).

On the eve of publication of the European Commission (EC) Solvency II directive, (re)insurance groups and niche players are set to benefit from the proposed capital changes, but mid-sized, generalist companies may lose out, according to accounting firm P