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May 2007/2

  • Bermudian (re)insurer Validus Holdings Ltd has increased the size of its pending initial public offering (IPO) to $350mn following its $382.2mn acquisition of Lloyd’s based Talbot Underwriting Holdings.
  • Lloyd’s announced today (6 June) that it is to return to the debt markets with a benchmark issue of between £300-500mn in Tier 1 perpetual subordinated debt.
  • Munich Re is leading an innovative $110mn reinsurance programme for the World Bank-sponsored Caribbean Catastrophe Risk Insurance Facility (CCRIF), which goes on risk for 16 countries in the region today (1 June).
  • Shareholders in Alea Group Holdings (Bermuda) Ltd failed to support the increased offer from the US private equity firm Fortress Investment Group (FIN) in a vote on 21 May, but the company said the deal...
  • Swiss Re is to sell the UK life operation it acquired as part of its takeover of GE Insurance Solutions (GEIS) in 2006.
  • Hiscox’s chief operating officer and G6 chair Sue Langley is leaving the insurer to join Lloyd’s as director of Market Operations and North America.
  • Paris Re, the former reinsurance arm of AXA Re, has confirmed plans to list on the Paris based, European Stock Exchange, Euronext, a year after it was acquired by a consortium of private equity firms.
  • Rating agency Standard & Poor’s (S&P) has updated its insurance capital model to include an explicit allowance for diversification.
  • Bermudian start-up Ironshore Insurance Ltd has confirmed its approval to write property, property catastrophe and casualty insurance on an excess and surplus basis in Florida, as first revealed by Insider Week on Monday (21 May).
  • Seven insurers have reached a $2bn settlement with World Trade Center developer Larry Silverstein bringing to an end more than five years of litigation between the parties.
  • A temporary restraining order has been issued against Bermudian (re)insurer Arch Capital Group (Arch) over its poaching of a 30-strong property fac team from US rival General Reinsurance Corporation (Gen Re), The Insurance Insider can reveal.
  • Ironshore Inc has confirmed its entry into the professional liability sector with a US platform, a move predicted by The Insurance Insider earlier this month.