July 2007/6

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.

The UK-based run-off acquisition firm Tawa plc began trading on the London Alternative Investment Market (AIM) last week in a £127mn Initial Public Offering (IPO).

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.

Shares in IPC Holdings fell sharply last week as the Bermudian cat reinsurer followed a profits warning earlier this month with confirmation last week of a second quarter net hits of $62.6mn and $50.1mn respectively from UK and Australian storms and flood

Bermudian reinsurers Everest Re Group and PartnerRe Ltd emerged relatively unscathed from high-profile second quarter Australian and UK cat events to report net earnings increases of 28 percent and 35 percent, respectively, for the period.

Insurers Chubb Corp and WR Berkley began the second period US results season by reporting rising profits in an “outstanding quarter”.

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.

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.

Xchanging will announce tomorrow it has signed a Memorandum of Understanding (MOU) to partner RI3K in building an end-to-end processing platform for Bermuda’s (re)insurance market, Insider Week can reveal.

The final cost of this summer’s UK floods on the reinsurance industry is still unknown but there is little doubt that they will be treated as at least two distinct losses.

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.

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