May 2007/4

Sports underwiters Sportscover Europe have announced the appointment of Matthew Riley as its CEO, taking over from Chris Nash.

Bank of America Corp has said it is considering the sale of its brokerage business, Banc of America Corporate Insurance Agency LLC.

Bermudian (re)insurer ACE Limited (ACE) is looking to use its global reach to search for growth in an ever-softening traditional (re)insurance market.

US giant American International Group (AIG) announced last week that it has agreed an $813mn takeover deal for 21st Century Insurance Group.

European giant Zurich Financial Services reported a 71 percent rise in its first quarter income, up to $1.39bn from $810mn in the prior-year period.

Bermudian (re)insurer White Mountains Re Group Ltd (White Mountains) ploughed its own furrow in the insurance field with an announcement of a $250mn offer of fixed/floating perpetual non-cumulative preference shares.

BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services, has taken part in a £5.5mn rights issue of Hyperion Insurance Group Limited.

A repeat of the 1927 Great Mississippi Flood - the largest flood disaster in US history could cost up to $160nn in economic damages if it happened today, according to catastrophe modelling firm Risk Management Solutions (RMS).

Bermudian giant ACE Ltd has made a $9mn settlement in Pennsylvania over its underwriting practices and contingent commissions.

Rating agency Moody’s Investors Service reacted positively to Dutch bancassurer ING Group’s announcement of a proposed EUR5bn share buyback, affirming all the ratings of the group last week.

Terrorism is still at the top of the agenda for many global business leaders, who cite conflict and instability as issues which stop them from investing overseas.

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