May 2007/2

The industry’s thirst for alternative reinsurance capacity continues to grow with the $120mn issue of notes under a $500mn shelf programme providing Swiss Re with retrocession cover for Japanese typhoons.

Shareholders in Alea Group Holdings (Bermuda) Ltd will vote on an increased offer from Fortress Investment Group (FIN) next Monday (21 May) of 96.5p a share as the reinsurer's suitor attempts to fend off a rival bid.

Bermudian (re)insurer Validus Holdings Ltd has agreed terms for its acquisition of Lloyd’s based Talbot Underwriting Holdings, as predicted by The Insurance Insider.

Bermudian start-up Ironshore Insurance Ltd has taken its first step to a US presence after being approved to write property and catastrophe insurance on an excess and surplus basis in South Carolina.

Smaller shareholders in Alea Group Holdings (Bermuda) Ltd may have got their wish with the news that the failed reinsurer has received an approach that might lead to a higher offer than the 93p a share offered by Fortress Investment Group (FIN).

RenaissanceRe is set to launch a second Starbound Florida-dedicated sidecar as evidence emerges that the impact of the state's hurricane catastrophe fund expansion earlier this year may be less severe than first feared.

The (re)insurance industry is set for a surge in mergers and acquisition (M&A) activity as cash-rich companies look for scale and diversification in the face of a softening market and rating agency pressures.

Bermudian reinsurer Montpelier Re is close to unveiling details of a Lloyd’s platform as it looks to broaden its geographic reach, The Insurance Insider can reveal.

Ironshore Insurance Ltd, the $1bn Bermudian insurer formed by father-and-son team Bob and John Clements at the back end of last year, is on the verge of launching a US platform, The Insurance Insider can reveal.

RITC Syndicate Management, the Lloyd’s start-up syndicate headed by former Markel Intl chief executive Nigel Rogers, has yet to do its first transaction but has nevertheless brought fresh capacity to the sector.

Former Royal & Sun Alliance (R&SA) US subsidiary, Royal Indemnity, has been ordered to pay defence costs in its increasingly acrimonious asbestos dispute with General Motors (GM).

Despite a share price that has leapt from 3p to the heady heights of 4.5p in the past few months, GoshawK’s market capitalisation is a mere £40mn.