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November 2006/3

  • Advent Capital Holdings has become the latest Lloyd’s (re)insurer to unveil plans for a Bermudian platform, Advent Re, which will write retrocessional business.
  • US giant American International Group (AIG) and CV Starr, the managing agency controlled by its former chairman and CEO Maurice “Hank” Greenberg, have settled the legal disputes stemming from the termination of their business relationship.
  • Liberty Syndicates - one of the largest Lloyd’s (re)insurers – has reduced its underwriting capacity for 2007 by £187mn.
  • Hiscox plc has become the first Lloyd’s insurer to carry out a sidecar transaction, confirming its Syndicate 33 has entered into a quota share reinsurance arrangement with $360mn Bermudian reinsurance vehicle Panther Re, a deal first revealed in the Octob
  • Willis Group Holdings Limited is to lose a member of its senior management as the broker confirmed that Tom Colraine is to leave the firm after 18 years.
  • Private equity giant 3i Group plc has hired a team led by Bruce Carnegie-Brown, the former Marsh executive who left the firm suddenly in May this year.
  • Lloyd’s insurer Chaucer Holdings Plc has launched a new Lloyd’s Syndicate that will provide some £75mn ($148mn) of US catastrophe capacity.
  • Amlin's decision to cut back on reinsurance spend appears to have paid off handsomely with the group's share price rising over 6 percent today (29 November) to a new high on the back of an upbeat trading statement today.
  • The Lloyd’s Corporation has brought in David Harris, a senior representative of the G6 group of London market insurers, as the three-hundred-year-old Society agrees a number of changes to improve the service it provides.
  • XL Capital, which announced the first of the post-Katrina sidecars Cyrus Re in November last year, has launched a new Cayman Islands special purpose reinsurance vehicle, Stoneheath Re.
  • UK regulator the Financial Services Authority (FSA) has fined Berkshire Hathaway subsidiary General Reinsurance UK £1.225mn for arranging two improper reinsurance transactions.
  • US insurer The Hartford Financial Services Group has issued a $247.5mn cat bond, Foundation II, to protect the company in the event of certain US natural catastrophe losses.