March 2008/5

UK insurer Brit Insurance Holdings has established an underwriting presence in Northern Ireland that will focus on fleet motor and property & combined package lines.

German giant Hannover Re has received a ratings boost from Moody's Investors Service after the ratings agent upgraded the reinsurer's financial strength rating to A2, from A3 last week.

Bermudian insurance group Ironshore Inc has launched IronHealth to write healthcare liability business, as it continues to grow its professional liability US-based subsidiary IronPro.

Ratings agency AM Best has affirmed Swiss Re's A+ (Superior) financial strength rating and removed it from review with negative implications after receiving reassurance over the firm’s exposure to credit default swaps (CDS).

Aon founder and executive chairman Pat Ryan has announced that he intends to retire from the broker on 1 August.

Lloyd's must remain open to new entrants despite the softening market, according to Barbara Merry, CEO of newly-redomiciled (re)insurer Hardy Underwriting Bermuda Ltd.

Bermudian firm ACE Ltd is moving its holding company from the Cayman Islands to Zurich, Switzerland.

A spate of losses has resulted in space insurers targeting premium increases of up to 30 percent, according to broker Aon in its latest report on the sector.

Bermuda-headquartered Lloyd's (re)insurer Hiscox Ltd has teamed up with brokers Allison & Partners (A&P) to launch INSPIRE, providing specialist cover targeted at specialising in UK and European small to medium-sized businesses (SME).

US giant American International Group (AIG) has confirmed that it has paid $13.5mn in settlement with the Pennsylvania Insurance Department.

Allianz-owned Dresdner Bank has offered its structured investment vehicle (SIV) K2 a $1.5bn bailout so it can service its outstanding $16bn debt.

Italian insurance giant Generali will utilise its EUR3.2bn excess capital to target acquisitions next year, the firm announced.