May 2007/2

Following a difficult courtship, SCOR has finally agreed takeover terms with Converium after increasing its offer for its Swiss rival in a SFr3.4bn ($2.8bn) transaction that will create a top five global reinsurer.

Despite record Q1 earnings, boosted by the sale of its iconic London offices and contributions from the GE Insurance Solutions (GEIS) acquisition that positioned it as the world’s biggest reinsurer, Swiss Re remains a close second to Munich Re in the eyes

The impact of recent changes to the Florida Hurricane Cat Fund (FHCF) will be less than originally anticipated, according to Geoffrey Bromley, non-Americas chairman of reinsurance broker Guy Carpenter.

Bermudian reinsurer, Paris Re has appointed underwriters as it prepares an initial public offering (IPO) later this year which could value the firm at $2-3bn, just one year after it was bought out from AXA SA.

American Wholesale Insurance Group (AmWINS) is in advanced talks to take control of London market broker Besso Group and become the latest US broker to acquire a foothold in London, The Insurance Insider understands.

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.

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.

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.

Defunct (re)insurer Alea Group Holdings Ltd revealed last month that it had the support of 55 percent of its shareholders to support a £162mn buy-out bid from the private equity-backed FIN Acquisition Ltd (FIN).

Within the run-off industry, you do not have to travel far to hear complaints over poor service provided by brokers on discontinued accounts.

Ever since 14 October 2004 – the date New York attorney general Eliot Spitzer stunned the industry with his complaint against MMC - Willis Corp has attempted to distancing itself from the furore over contingent commissions.

Reinsurers were given cheer – and some guidance – in the UK High Court regarding “follow the settlement” clauses.