June 2007/1

Lloyd's has finally ended the central fund litigation saga after agreeing a settlement with the contract’s two broking firms, Benfield Group and Aon Ltd, who placed the five-year £500mn contract.

Bermuda-based life reinsurance specialist Scottish Re Group is continuing its resurgence after gaining a financial strength upgrade from Fitch Ratings last week.

Swiss Re is to sell the UK life operation it acquired as part of its takeover of GE Insurance Solutions (GEIS) in 2006.

Mitsui Sumitomo is set to launch the latest aviation start-up in Lloyd's with capacity of up to $200mn and a team of former Wellington Underwriting staff.

Trade body Risk Management Insurance Society (RIMS) has called for mandatory disclosure of all broker remuneration in response to what it sees as broken promises from brokers on the acceptance of placement fees.

Munich Re has led an innovative $110mn reinsurance programme for the World Bank-sponsored Caribbean Catastrophe Risk Insurance Facility (CCRIF), which went on risk for 16 countries in the region on 1 June.

Swiss Re has again returned to the capital markets to trade earthquake exposure with the launch of MedQuake Ltd, a $100mn cat bond covering Turkey, Greece, Israel, Portugal and Cyprus.

AXA has launched a further EUR450mn securitisation of its motor portfolio today, following its innovative EUR200mn FCC Sparc transaction 18 months ago.

Former Whittington duo Richard Whatton and Stephanie Mocatta have joined insurance services company Independent Services Group (ISG) to target distressed insurance entities for acquisition in Bermuda and the US.

Cayman Island-based Greenlight Capital Re Ltd raised around $258mn through the completion of its initial public offering (IPO) and a private placement, it revealed last week.

Hiscox's chief operating officer and G6 chair Sue Langley is leaving the insurer to join Lloyd's as director of Market Operations and North America.

RenaissanceRe confirmed the launch of its second Florida-dedicated sidecar today (4 June) after it emerged that the impact of the state’s hurricane catastrophe fund expansion earlier this year may be less severe than first feared.