June 2007/5
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AmWINS Group, Inc, the private equity backed-US wholesale broker linked with a move for London market broker Besso Group, has bought The American Equity Underwriters, Inc, (AEU) and refinanced its debt to fund further “strategic acquisitions”.
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ACE Tempest Re Group, the reinsurance arm of ACE Ltd, has established an underwriting presence in Lloyd’s Chinese operation.
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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.
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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.
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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.
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Proposed start-up Leinster Group Ltd has refused to acknowledge defeat but the prospect of a launch on the Lloyd’s platform looks bleak after the Society rejected its application.
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Swiss (re)insurer Zurich Financial Services Group (ZFS) announced the establishment of a new division for its direct business in Europe effective 1 July, with a subsequent internal management re-shuffle.
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CastlePoint Insurance Company, the US subsidiary of Bermudian (re)insurer, Castlepoint Holdings Ltd announced a risk sharing agreement with a Florida-based workers’ compensation and commercial auto specialist, AequiCap Insurance Company and its subsidiary
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The board of Fairfax Financial Holdings controlled reinsurer Odyssey Re has authorised a share buyback programme, the company announced.
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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.
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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.
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Shipowners were warned last week about the growing threat of piracy around the Horn of Africa.
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Lloyd’s (re)insurance broker, Newman Martin and Buchan Ltd (NMB), has become the latest intermediary to launch a capital markets division, which will be headed by alternative risk transfer veteran Mark Burbidge and senior reinsurance player, Paul Dunster.
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Andrew Carrier, active underwriter of Kiln Ltd’s catastrophe Syndicate 557 and the reinsurance division of its Syndicate 510, is quitting the Lloyd’s insurer.
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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.
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Banking giant HSBC Holdings has formed a joint venture with the UK’s largest insurer, Aviva, to sell general insurance products in the domestic market.
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Brit Insurance Holdings plc’s $200mn cat bond is the second publicly rated collateralised debt obligation of natural catastrophe risk, following Catlin’s debut Bay Haven Ltd transaction last September.
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Capita CMGL is set to complete the reinsurance-to-close (RITC) transfer of the run-off Duncanson & Holt Syndicate 55 with capital supplied by CarVal Investors LLC, a fund backed by the agribusiness giant Cargill.
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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
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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.
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Bermuda-headquartered Lloyd’s (re)insurer Catlin Group has appointed Nick Greggains and Andrew Englesbe to lead the underwriting on its US platform.
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Hiscox plc has acquired the Illinois based livestock insurer American Live Stock Insurance Co in a deal that will provide the group with further US growth opportunities.
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Administrators PricewaterhouseCoopers (PwC) announced today a final payment of 76.75 percent to creditors under the Trinity Insurance Company Ltd scheme of arrangement.
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