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...

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.

Benfield reports reveal underlying strength of Europeans as Bermudians suffer in 2005 As the reinsurance sector continues to lick its wounds from last year’s hurricane onslaught, it is clear that Europe’s old guard has pulled through with far less...

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.

Reinsurers are continuing to face harsh increases following the retro capacity crunch. Will this drive demand for alternative sources of contingent capital? Six months on from the tail-end of last year's devastating storm season, and the...

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...

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...

Sidecars may have been around before last year’s trio of devastating hurricanes, but the trend to set up such vehicles was taken to a new level as (re)insurers looked to offload risk from balance sheets damaged by heavy losses and under the scrutiny of...

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..

(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).