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May 2007/4

  • 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.
  • 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.
  • 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.
  • Lloyd's insurer Kiln plc said that underwriting conditions and rates remained attractive for the first four months of 2007.
  • Catastrophe modelling firm Risk Management Solutions (RMS) has withdrawn its short-term, five-year Florida hurricane model after state officials said it did not meet the necessary standards.
  • For the seventh consecutive month airline rates have seen double-digit falls as a report revealed 2006 to be the “safest year on record” for the industry.
  • Reinsurance broker, Aon Re Global (Aon Re) has predicted a slight oversupply of worldwide property reinsurance capacity ahead of the 1 June and 1 July renewal season.
  • 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.
  • Validus Holdings Ltd agreed terms for its acquisition of Talbot Underwriting Holdings last week, a move that could trigger a wave of mergers and acquisition (M&A) activity between Bermudian (re)insurers and their Lloyd's counterparts.
  • Bermudian start-up Ironshore Insurance Ltd has been granted regulatory approval to write business on a surplus lines basis in Florida, Insider Week can reveal.
  • Shares in Aon Corporation were up last week amid rumours the broking giant may be the target for a leveraged buyout as private equity interest in the sector continues to grow.
  • 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).
  • Bank of America Corp has said it is considering the sale of its brokerage business, Banc of America Corporate Insurance Agency LLC.
  • UK general insurer Royal & Sun Alliance (R&SA) has appointed Paul Donaldson as managing director of its broker division following the departure of Brendon McManus to Willis.
  • 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.
  • As The Hartford Financial Services Group (Hartford) celebrated "the best year in The Hartford’s history" in 2006, CEO Ramani Ayer was in bullish mood about prospects for 2007, predicting opportunities to grow its businesses.
  • US giant American International Group (AIG) announced last week that it has agreed an $813mn takeover deal for 21st Century Insurance Group.
  • Sports underwiters Sportscover Europe have announced the appointment of Matthew Riley as its CEO, taking over from Chris Nash.
  • Fast growing broker Lockton is launching a Bermudian office as it continues to build its global presence.
  • Bermudian giant ACE Ltd has made a $9mn settlement in Pennsylvania over its underwriting practices and contingent commissions.
  • Shareholders in Alea Group Holdings (Bermuda) Ltd were due to vote on an increased offer from Fortress Investment Group (FIN) today (21 May) of 96.5p a share as the reinsurer's suitor attempts to fend off a rival bid.
  • Marsh Ltd has successfully prised the Scottish Professional Risks from its rival Aon Ltd.
  • UK insurer Royal & Sun Alliance Group (R&SA) is facing a claim following this morning's (21 May) fire aboard 138 year-old tea clipper, the Cutty Sark, which is undergoing a £25mn renovation in dry dock in Greenwich, London.