July 2007/3

UK-listed broker Jardine Lloyd Thompson (JLT) has expanded its Bermudian operations with the acquisition of Park (Bermuda) Ltd (Park) for up to $11.8mn cash.

Class of 2005 reinsurer Ariel Re has become the latest Bermudian firm to buy into Lloyd’s with a £193.2mn deal for Atrium Underwriting plc.

Giant US insurer American International Group (AIG) is the lead underwriter on the passenger jet that crashed into a fuel depot and burst into flames while landing in Sao Paulo last night, according to market sources.

Bermudian reinsurer IPCRe has released a $100mn profit warning following recent storm and flood events on opposite sides of the globe in the UK and Australia.

Tawa Group is set to float on London’s Alternative Investment Market (AIM) and become the first non-life run-off consolidator to list in London, The Insurance Insider can reveal.

UK regulator the Financial Services Authority (FSA) has confirmed Hector Sants as its new chief executive in an internal appointment.

Our monthly column keeping check on US and EU legal and regulatory developments, in association with Sidley Austin LLP

The heads of the GCFac team that defected to rival Integro Ltd in April have won a UK Court of Appeal judgment preventing former employer Guy Carpenter from suing them in New York.

The reinsurance-to-close (RITC) of the Duncanson & Holt Syndicate 55 open years is the first third-party RITC this year – and the first to take place under Lloyd’s new rules designed to create greater flexibility in the process.

Defying the old adage that "good years get better, and bad years get worse" is Syndicate 839, the former Trenwick Lloyd's operation which managed to post a £12mn profit last year on its 2001 and prior years.

New York-based hedge fund Fortress Investment Group’s offer to buy defunct run-off insurer Alea Group Holdings Ltd was declared unconditional on 5 July.

Industry on TRIA offensive; Australian claims rising after storm; Flagstone builds underwriting team; Aspen Re chooses Zurich for European hub...