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.