March 2007/4

Guy Carpenter, which last week launched a CDO-style property cat product (see story 7), has further committed itself to the development of alternative capital markets solutions with the hire of Laurent Digna from Société Générale.

Guy Carpenter has become the latest reinsurance broker to launch an index-based property catastrophe reinsurance product as an alternative to traditional risk transfer.

After announcing record 2006 profits, Hannover Re is planning growth in its US property catastrophe business as it redeploys capital following the $800mn sale of its Praetorian subsidiary to QBE Insurance Group Ltd.

Novae Group plc continued its turnaround as it announced 2006 figures in line with expectations and a continued slowing of reserve deterioration.

Amlin Bermuda has picked up underwriter Richard Holden from Wellington Underwriting plc following the Lloyd’s insurer’s merger with rival Catlin.

“Class of 2005” Bermudian reinsurer Validus Holdings Ltd has bolstered funds as it announced it has entered into credit agreements totalling $700mn with a syndicate of lenders.

Reinsurance giant Swiss Re expects to save up to SFr500mn ($413.2mn) in capital following the planned centralisation of its European legal entities to Luxembourg.

Lloyd's received the long-awaited approval for its new Chinese onshore reinsurance operation from regulators on Wednesday (14 March).

Willis Group Holdings Limited has extended the employment agreement with its chairman and CEO Joseph Plumeri for another year.

After moves by Florida lawmakers to effectively nationalise the state’s hurricane catastrophe fund in January, political momentum appears to be growing behind proposals to establish a nationwide catastrophe reinsurance programme in the US tied to cuts in

Ark Syndicate 4020 has become the latest start-up to gain Lloyd’s approval, with 2007 stamp capacity of £114mn and backing led by Jeff Greenberg’s Aquiline Capital Partners LLC.

PXRE Group Ltd CEO and president Jeff Radke will leave the reinsurer on completion of its reverse merger with US insurer Argonaut Group, the company has revealed in a filing with the Securities & Exchange Commission.