March 2009/5

In its first full year of trading, the private equity backed Lloyd's insurer group Ark Insurance Holdings posted a $18.6mn profit.

Catlin rights issue gets 98.68% take-up; Montpelier Re expands LOC facility; Lockton opens Dubai office

New York-based private bank and alternative investment manager Gruss & Co has denied suggestions that it is interested in being involved in a bid for the up-for-sale Lloyd's insurer Chaucer.

Lloyd's posted another sharp fall in the number of run-off or 'open years' of account in 2008, continuing the trend started in 2007.

Aon veteran Vincent Redier has retired from his position as executive chairman of the broking giant's French operations, The Insurance Insider can reveal.

Former Berkshire Hathaway executive Tom Bolt – who is widely admired in Lime Street – is now to take on the ultimate underwriting job by succeeding Rolf Tolle as the Society’s Underwriting Performance Director.

Europe's largest insurer, Allianz, has added to the flurry of first quarter cat bonds after combining with Aon Benfield and Goldman Sachs to issue the $150mn US wind and quake bond Blue Fin II.

The European Commission (EC) has put forward plans to scrap certain EU competition exemptions relating to insurance policy agreements, citing preliminary findings which suggest the agreements are not specific to the insurance sector.

Lloyd's insurer Amlin plc remains a leading runner in the race to acquire rival Chaucer Insurance Holdings, after making an offer which values the firm at around £280mn, The Insurance Insider can reveal.

Standard & Poor's (S&P) became the second rating agency to turn negative on Berkshire Hathaway, after it changed its outlook on the firm's core AAA financial strength ratings to negative.

UK insurance intermediary Towergate Partnership has denied reports that it is drafting in KPMG to advise on restructuring its £560mn in loans and debt facilities which it has used to fund an aggressive acquisition strategy.

UK-listed run-off vehicle Tawa plc fell to an after-tax consolidated loss for 2008 of $42.4mn, driven by deepening losses from the bond portfolio in its CX Re subsidiary.