June 2007/5

Shipowners were warned last week about the growing threat of piracy around the Horn of Africa.

Bermudian property cat specialist IPC Holdings Ltd has executed around half of its authorised share repurchase programme in the second quarter of 2007, it announced last week.

Bermuda-headquartered Lloyd’s (re)insurer Catlin Group has appointed Nick Greggains and Andrew Englesbe to lead the underwriting on its US platform.

Balance sheet confidence is high among Bermudian (re)insurers following a strong 2006 and first quarter 2007, with share buy-backs and reserve releases prevalent on the island despite softening market conditions, according to the latest Benfield Bermuda Q

The alleged poaching dispute between Gen Re and Arch took a new turn last week, when the temporary restraining order granted against Arch Capital and four former Gen Re executives in May was lifted and replaced by an agreed-upon order between the parties.

Reinsurance broker Guy Carpenter has said it will mandate the use of the Electronic Claims File (ECF) for all in-scope claims from the Lloyd’s market as of 1 January 2008.

ACE Tempest Re Group, the reinsurance arm of ACE Ltd, has established an underwriting presence in Lloyd’s Chinese operation.

After more than five years absence from the London market, Tony Taylor returned to Lloyd’s with the arrival of Montpelier Re’s £47mn non-marine property and engineering Syndicate 5151.

Ousted American International Group (AIG) supremo Maurice “Hank” Greenberg has countersued his former employer claiming the US giant’s board and new management are “seriously damaging” the company.

The announcement in Parliament last week that the Government will examine changes to the 1982 Lloyd’s Act is likely to encourage some frenetic lobbying.

Insurers, brokers and rating agencies have put their weight behind legislation that proposes an extension of the Terrorism Risk Insurance Act (TRIA) from a temporary programme to a more permanent ten-year facility.