November 2006/3

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.

The sudden departure of HCC Insurance Holdings chairman and CEO Stephen Way has prompted a mixed approach from the two main rating agencies. While Standard & Poor’s swiftly affirmed the Houston headquartered firm’s financial strength...

RK Harrison Insurance Brokers Ltd, the independent London market brokers, will appoint the former Jardine Lloyd Thompson Group executive Dominic Collins to replace its retiring executive chairman, Richard Corfield.

Finite Re spectre at Max Re; AXA securitises EUR350mn of life mortality risk; Hannover Re gets China approval for life; Oil spills after downgrade; ZFS boosts UK asbestos reserves by $500mn...

Hiscox $360mn sidecar Panther Re receives rating; Alchemy Partners looks to Lime Street for gold; R&SA in line with Q3s; buys UK agency; Endurance pulls out of offshore energy; UK trial date set for ‘Independent Three’; FSA accepts sidecar applications...

Creditors for all 16 of the participants in the proposed WFUM pool scheme of arrangement met in London on 27 October.

The Corporation’s chief executive Richard Ward is understood to be close to ordering a restructuring of its senior management and reporting structures, according to sources.

It took 18 months for ACE Ltd to persuade the Pennsylvania Insurance Commissioner to approve the sale of its asbestos riddled Brandywine subsidiaries, so R&SA shareholders might be in for a long wait before they see their US legacy business spun-off.

US and EU Legal Developments

Swiss reinsurer Converium’s share price continued its upward trajectory after announcing the $295mn sale of its US operations to National Indemnity last month.

Despite the whispers of smooth-talking bankers, merging two insurance companies is rarely easy – and this is often multiplied in the case of Lloyd’s insurers where management egos and the existence of obdurate Lloyd’s Names add further complications.

There are still hurdles to be overcome – not least the threat of awkward policyholders. But the structure of the landmark $7bn deal should see off threats