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May 2006/2

  • Validus Reinsurance Ltd will become the latest Bermudian reinsurer to launch a sidecar with around $200mn of capital, The Insurance Insider can reveal. The “class of 2005” company will form Petrel Re, a sidecar reinsurer that will provide capacity...
  • ACE reports record income Bermudian reinsurance ACE limited announced record net income of $489mn for the first quarter of 2006 despite an $80mn charge to cover its settlement with regulators. Post-tax the charge wiped $66mn from ACE's net income...
  • Michael Wade is raising capital for a new reinsurance venture that, if successful, would see the veteran Lloyd's figure return once again to the London market. Wade is working in conjunction with UBS - the investment bank which is currently...
  • (Re)insurers and the capital markets are pushing back the boundaries in their willingness to securitise risk. Where will it all end? It might appear somewhat odd to note (re)insurance securitisations are now à la mode considering the industry's...
  • Redholm Underwriting Agents is set to write $120mn in aviation capacity at Lloyd’s this year and has begun filling the vacancies created by a mass defection to American International Group (AIG).
  • Paul Newson is set to join Lloyd’s managing agency Marketform to write a book of personal accident (PA) business. The Insurance Insider, which last month predicted that there would be further moves around the London PA market, understands that Newson..
  • Although shares in Fairfax Financial Holdings have regained some ground lost following the company's revelation that senior management members face a class action lawsuit, bears on the stock continue raising questions over the future of the Canadian...
  • Global brokers continuing to toil in competitive post-Spitzer landscape MMC chief executive Michael Cherkasky pointed to the green shoots of recovery in his company’s first quarter results, but it was also apparent that the global brokers are still...
  • As broker consolidation talk gains momentum, Willis is linked to a possible move for JLT Willis Corp, the world’s third largest insurance broker, is considering the merits of a significant broking acquisition, according to sources close to the firm.
  • Beleaguered Bermudian PXRE was dealt another blow last month as chief operating officer Guy Hengesbaugh handed in his notice at the reinsurer.
  • The run-off acquisitions firm LCL Acquisitions Ltd has completed its ownership of the Isle of Man insurance administration firm FIT Administration (IoM) Ltd.
  • Lloyd's insurer SVB is on course to executive its restructuring plan after its proposed scheme of arrangement to introduce a new listed holding company, Novae Group plc, was approved in a court ordered meeting on 24 April.