June 2007/4
-
New York based hedge fund Fortress Investment Group said last week its offer to buy defunct run-off insurer Alea Group Holdings Ltd had gone unconditional after receiving irrevocable undertakings from 61 percent of shareholders.
-
Lloyd’s has appointed Jose Ribeiro as its new director of International Markets and Business Development following the departure of Julian James earlier this year.
-
Expanding Australian sports underwriter Sportscover has announced the extension of its network into Ireland after teaming up with broker and sports specialist O’Driscoll O’Neil.
-
Insurance claims are continuing to rise following severe storms on its East Coast over 9-10 June. The Insurance Council of Australia said the estimated cost of claims from the storm is now A$270mn.
-
Lloyd’s set the terms for the public issue of £500mn of tier 1 subordinated debt last week. Following a three-day investment road show, the Corporation saw its debt issue several times oversubscribed by institutional investors.
-
The reserving practices of Independent Insurance came under scrutiny as several of the company’s former claims staff testified in court last week.
-
Swiss reinsurer Glacier Re joined the list of carriers accessing the capital markets with a $75mn offering under a shelf programme providing it with retrocession cover from windstorm and earthquakes.
-
“Class of 2005” insurer Lancashire Holdings Ltd is likely to be the first of a number of insurers structuring contingent capital deals after it co-operated with investment bank JP Morgan to launch a financing deal last week that would allow it to tap the
-
Brit Insurance chief executive Dane Douetil joined a select club at the weekend – he became one of a limited number of insurance figures ever to be honoured following the publication of the Queen’s birthday honours list.
-
Aspen Re, a subsidiary of UK (re)insurer Aspen Insurance Holdings Ltd, has announced plans to open a major office in Zurich, to act as the hub for Aspen’s European reinsurance activity.
-
US insurer State Farm is set to place a giant $4bn cat programme, consisting of both bonds and loans, to provide retrocessional protection for one of its subsidiaries. The company has formed a special purpose vehicle, called Merna Re, which will provide
-
Giant Bermuda-based investment hedge fund DE Shaw Group agreed a $575mn deal for US property/casualty insurer James River Group last week.
Most Recent
-
Daily Digest: Top news from 18 July
18 July 2025 -
Coverys confirms MGA AEC’s sale to Edge
18 July 2025