July 2007/6

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).

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

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

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

Contrasting performance on organic growth was highlighted by analysts as Arthur J Gallagher & Co (AJG) and Hilb, Rogal & Hobbs (HRH) reported total revenues up for the second quarter.

Bermudian (re)insurer Arch Capital Group reported a healthy 44 percent rise in its net income of $199.4mn, or $2.65 per share, for the second quarter of this year.

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.

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.

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

Senior run-off figure Oliver Horbelt has left insurance giant Zurich Financial Services, Insider Week can reveal.

QBE has demanded major reform at Lloyd’s after complaining that the Society’s members’ agents refused to recommend an increased bid to buy out Names’ capacity on its flagship Syndicate 386.