July 2007/4

Paris Re shares have slipped by 6 percent since floating on Friday (13 July) with fund managers commenting the company may have been over-priced as it made its debut on the Paris-based European Stock Exchange Euronext.

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.

In an announcement that will come as good news to early entrants to the Chinese reinsurance market, the China Insurance Regulatory Commission has predicted that demand for reinsurance is expected to reach 100 billion yuan ($13.2bn) by 2010 when total prem

Despite little activity to date, the 2007 North Atlantic hurricane season is still expected to see above average activity, with hurricanes forming in the Caribbean and near the Bahamas more likely to make landfall, according to a July update report by rei

Creditors of Bryanston Insurance Company Limited are to receive a payment percentage of 59 percent after the scheme administrator, Paul Evans, raised the amount by another 12 percent.

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

Lloyd’s CEO Richard Ward has warned the London market that the “pace of change” on business processes remains too slow and reiterated his willingness to mandate action if necessary.

For the second consecutive year, the number and total dollar value of US securities fraud class action lawsuits were well below historical averages.

Broking giant Aon Corp has said it is in discussions with Chubb Corp over the possibility of accepting supplemental compensation from the US insurer.

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.

Italian insurer Generali and Czech financial services company PPF Group NV have set up a central and eastern European joint venture with combined assets of EUR5.1bn that creates the region’s biggest insurer.

Insurance giant Allianz SE and its core operating companies have been upgraded from AA- to AA by Standard & Poor’s (S&P) as a result of “major and sustained” improvements in its operating performance.

Standard & Poor’s (S&P) has reported that, while Enterprise Risk Management (ERM) programmes for the majority of European insurers are “adequate”, the outlook for ERM is “nevertheless positive”.

London-based (re)insurer Liberty International Underwriters (LIU), a division of US insurer Liberty Mutual Group, has recruited London market veteran Ray Miller as vice president for Marine, Energy and Construction.

Rating agency Standard & Poor’s (S&P) have removed Bermudian energy mutual Oil Insurance Ltd (OIL) from CreditWatch with negative implications and affirmed its A-counterparty credit and financial strength ratings. The outlook is negative.

New York-based Hales & Company, an investment bank that focuses on the insurance sector, has acquired WFG Capital Advisors for an undisclosed fee.

Lloyd’s broker RFIB Group Ltd has snapped up Hugh Champion from Heath Lambert Group to drive its expansion in facilities and binding authority business.

UK niche-branded insurer Admiral Group plc’s already-depleted share price fell a further 3 percent on the news last week that it had ended discussions with potential private equity investors regarding its price aggregator subsidiary, Confused.com.

Bermudian (re)insurer XL Capital has appointed Brian Nocco as its new chief financial officer.

Listed Lloyd’s (re)insurer Brit Insurance Holdings has hired Ben Maidment as Privacy, Cyber and Technology underwriter for its US PI team, which is headed by Janet Henderson.

Integro Ltd CEO Roger Egan has sued former employer Marsh & McLennan Cos Inc (MMC) alleging he was not properly compensated after being axed by the company in the aftermath of the 2004 bid-rigging affair.

Reinsurance broker Guy Carpenter & Company LLC has announced several senior European appointments, aimed at enhancing the firm’s enterprise risk management and capital markets capabilities.

London market broker Jardine Lloyd Thompson has announced the appointment of Ron Hayes as managing director of its Global Risk Solutions Division.

Law firm Sidley Austin has confirmed the appointment of Dorothy Cory-Wright to head up its new London-based (re)insurance dispute practice.