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.

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

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

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

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).

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.

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.

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.

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

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.