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March 2008/2

  • Berkshire Hathaway is under pressure from federal prosecutors to oust Joe Brandon, the CEO of its reinsurance subsidiary General Re, following criminal fraud convictions of four of his former colleagues earlier this year, according to reports.
  • A US federal appeal judge last week upheld the decision by Florida’s insurance regulators to bar Allstate Corp from writing new business in the state.
  • Lloyd’s (re)insurer Advent Underwriting Ltd has been dealt a blow by the sudden resignation of the chief underwriting officer of its Syndicate 780, Lloyd Tunnicliffe.
  • Lloyd's has reported a profit of £3.846bn for the 2007 financial year - a 4 percent increase on its 2006 figure of £3.662bn, despite a softening market.
  • Lloyd’s is being urged to tackle its complicated capital structure amid a “rare” opportunity to reform the legislation which governs the marketplace.
  • Xchanging management are cashing in investments in the outsourcing firm ahead of changes that effectively increase capital gains tax on 6 April.
  • Venture capital firm 3i has acquired a £50mn stake in the UK-headquartered broking firm Hyperion Insurance Group Ltd, as first revealed by the The Insurance Insider.
  • Bermudian Argo Group International Holdings Ltd has agreed a 154p a share cash offer to buy Heritage Underwriting Agency plc in a deal that values the Lloyd’s insurer at £136mn on an ex-dividend basis.
  • Miller Insurance Services Ltd has launched a Singapore-based broker as it seeks to take advantage of the country’s rapid underwriting growth.
  • Venture capital firm 3i has acquired a stake in the UK-headquartered broking firm Hyperion Insurance Group Ltd, The Insurance Insider can reveal.
  • UK-listed run-off consolidator Tawa plc is part funding its acquisition of failed Bermudian PXRE Reinsurance Company with $14.4mn investment from a trust owned by billionaire steel magnate Lakshmi Mittal family members.
  • Aspen Insurance Holdings Ltd has become the latest Bermudian to establish a Lloyd’s presence with the launch of start-up Syndicate 4711.
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