May 2008/4

Ratings agency Standard & Poor's (S&P) has hit beleaguered Bermudian life reinsurer Scottish Re with a four notch downgrade sinking the firm deep into junk territory.

Yesterday's leadership change is set to be the first of a raft of measures at Insurance Australia Group Ltd (IAG) as the beleaguered insurer looks to restore investor confidence in its future as an independent entity.

Negotiations surrounding the sale of Heath Lambert's wholesale division to Cooper Gay were delivered another blow last week after it emerged that a major unit in the transfer will no longer be a part of the proposed deal.

"Class of 2005" reinsurer Flagstone Reinsurance Holdings and Swiss headquartered reinsurer Glacier Re have cat bonds totalling $300mn in the capital market awaiting pricing, The Insurance Insider can reveal.

Benfield Group Ltd has invested $50mn in Juniperus Insurance Opportunity Fund (JIOF), a newly formed vehicle managed by former RenaissanceRe executive Michael Cash focussing on the collateralised reinsurance and insurance linked securities (ILS) markets.

Canopius Group Ltd founding chairman Michael Watson said the group is no longer searching for potential buyers, following the publication of its "record results" for 2007 last week.

Andreas Loucaides has resigned from Catlin Insurance Company UK Ltd after four years as its CEO.

Swiss Re has received a licence to become an admitted reinsurer for the newly de-regulated Brazilian market from the country's regulator.

Jardine Lloyd Thompson (JLT) looks set to continue its strategy of bolt on acquisitions after it emerged that the firm is in advanced talks to buy the London market (re)insurance broker Harman Wicks & Swayne (HWS).

The private equity backed run-off insurers Seaton Insurance Co and Stonewall Insurance Co have appealed against a decision earlier this month in a New York court which prevents them from pursuing a claim against a Randall & Quilter (R&Q) affiliate in the

The Texas Windstorm Insurance Association (TWIA) is set to buy $1.5bn in reinsurance cover with this year's North Atlantic hurricane season only days from its official start.

There are thought to be around six to seven serious bidders in the running for Royal Bank of Scotland's insurance operations (RBSI) as the deadline for the first round of bids closes tomorrow.