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June 2008/1

  • Ariel Reinsurance Company Ltd has announced that George Rivaz will take over as chairman as part of a wider restructure of the board.
  • Florida’s cat fund has turned to Berkshire Hathaway to buy a $4bn put option bond as a hedge against an active hurricane season after concluding the cost of traditional reinsurance was too high.
  • American International Group (AIG) has confirmed reports that former CEO Martin Sullivan will receive a $47mn severance package after officially stepping down from his post.
  • In a bleak day for international equity markets, Brit Insurance Holdings Plc led UK insurers’ stocks south after closing down almost 7.5 percent on the London Stock Exchange.
  • Lloyd’s insurer Chaucer Holdings plc has confirmed the sale of its shareholding in Pembroke to Ironshore Inc in a deal worth £14.9mn, as first revealed by The Insurance Insider.
  • Bermuda’s Allied World Assurance Company Holdings Ltd (AWAC) is expanding its US presence with the $550mn cash acquisition of Darwin Professional Underwriters Inc.
  • Lloyd's insurer Hiscox Ltd has revealed plans to create a new Lloyd's Syndicate backed 100 percent by its own capital.
  • Marsh is dusting off the venerable Bowring name with the formation of a new international division, Bowring Marsh, which will bring together its international placement capabilities for property, terrorism and casualty risks.
  • Bermudian Ironshore Inc is close to announcing a deal with Chaucer plc to buy the Lloyd’s insurer’s Pembroke division, a move first revealed by The Insurance Insider.
  • AXIS Capital Holdings Limited has poached Michael Steel, Benfield Group's global head of capital markets and appointed him in the newly created role of chief risk officer, the Bermuda-held company has announced.
  • Acquisitive run-off specialist Enstar Group Ltd has announced plans to raise around $105mn with a new public share issue.
  • Hawaiian governor Linda Lingle has signed a new law making the transfer of insurance-linked securities to the capital markets more efficient for captives.