June 2007/4

Specialist actuarial consultants EMB has lured Duncan Anderson away from rival firm Watson Wyatt.

Giant Bermuda-based investment hedge fund DE Shaw Group agreed a $575mn deal for US property/casualty insurer James River Group last week.

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.

Aspen Re has become the first reinsurer to follow in the footsteps of the G6 with the launch of a live peer-to-peer electronic trading platform.

Broker Gallagher Re has announced the appointment of Mark Flower as chief actuary for its UK operations.

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.

French reinsurer SCOR has resolved the US legal issues on its takeover of Converium Holdings and the deal’s formal offer period opened last week.

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.

UK regulator, the Financial Services Authority (FSA), has said that the biggest threats posed by the current boom in private equity are market abuse and conflicts of interest.

Standard & Poor’s (S&P) has upgraded the insurer financial strength rating of AXA’s core subsidiaries to AA from AA- citing the company’s successful integration of Winterthur.

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.

Private equity giant The Carlyle Group has formed a financial services division to concentrate on the insurance and banking sectors, again highlighting investors’ appetite for the industry.