July 2007/6

Fast-growing Australian (re)insurer QBE Insurance Group Ltd has entered into a Joint Venture Agreement with the Rajan Raheja Group (RRG) to establish a general insurance company in India.

Nottingham headquartered insurer IGI Group Ltd has closed its London office 18 months after it first opened as an underwriting branch.

Insurance broker Willis Group Holdings has agreed to a $2.6mn settlement with the Florida attorney general and insurance regulators, the company has announced.

UK insurer Brit Holdings plc announced the creation of an independent underwriting advisory forum as part of a group restructure.

Markel Group has seen AM Best upgrade its financial strength rating on its London-based platform Markel International Insurance Co Ltd.

Connecticut’s attorney general, Richard Blumenthal, has issued 20 subpoenas as part of the continuing investigation into anti-competitive practices in the reinsurance industry.

Chaucer Syndicates Ltd has become the latest Lloyd’s insurer to cut back its stamp for next year, after confirming a planned 8.3 percent reduction in capacity for its Syndicate 1084.

In a volatile week for the global equity markets, Bermudian (re)insurer Validus Holdings made its debut on the New York Stock Exchange with shares priced at $22, below the $24-26 range it set at the beginning of the month.

Montpelier Re Holdings Ltd reported stable second quarter operating profits of $54mn as it took a $30.5mn hit from UK and Australian flood losses in the period, partially offset by reserve releases and an increase in investment income.

Retro specialist John Bassett has been linked with a return to reinsurance broker Guy Carpenter after parting company with Bermudian Montpelier Re, Insider Week sources can reveal.

London market reinsurers led by Allianz suffered a blow following a High Court decision in their controversial EUR44.3mn dispute with the North Korean state insurer.

Resurgent UK insurer Royal & Sun Alliance Group saw its shares slide last week against a backdrop of fears over flood losses and jittery investors following the turmoil in the global credit markets.