July 2007/5

Bermudian reinsurer IPCRe warned last week that its 2007 profits would be affected by the recent storm and flood events on opposite sides of the globe in the UK and Australia.

Aviation (re)insurance rates in Brazil are set to rise following the second major accident in under a year.

State-backed Florida Hurricane Catastrophe Fund (FHCF) is planning to bolster its cash reserves with a potential $10bn bond issuance.

Ariel Holdings Ltd’s £193mn swoop for Atrium Underwriting Group last week was a further sign that the stars have aligned for Lloyd’s M&A activity as reinsurers look for growth at a time when rates are falling.

The value of Names’ right to participate on Lloyd’s syndicates could be put to the test after the £193.2mn deal between Bermudian firm Ariel Re and Atrium Underwriting plc (see article 2).

Capita CMGL has confirmed the reinsurance to close (RITC) transfer of the run-off Duncanson & Holt Syndicate 55 to a new Lloyd’s syndicate backed by CarVal Investors LLC, as first revealed in the July issue of The Insurance Insider.

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.

The UK-based run-off acquisition firm Tawa plc is set to float on London Alternative Investment Market (AIM) later this week in a £127mn Initial Public Offering (IPO).

Although (re)insurers are expected to unveil strong figures as the reporting season begins in earnest this week, analysts will assess the wider impact from high-profile second quarter catastrophe events in the UK and Australia following IPCRe’s...

Lloyd's was described as a "perfect fit" by Ariel Re chairman and CEO, Don Kramer, after the Bermudian firm agreed its £193.2mn deal for Atrium Underwriting plc.

Further widespread flooding over the weekend will push the combined cost of the summer floods in the UK to well in excess of £2bn, according to Geoff Bromley, non-Americas chairman of reinsurance broker Guy Carpenter.

The Association of Run-Off Companies (ARC) has announced a number of changes to its board adding three new appointments while its deputy chairman, Peter Abbott, has stepped down.