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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
  • 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.
  • According to reports in the Financial Times Deutschland last week, German giant Munich Re will record a 2006 loss in its North American business primarily as a result of legacy charges from asbestos claims.