November 2006/3

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

US and EU Legal Developments

Munich Re, the world’s second largest reinsurer, raised full-year earnings forecasts and announced a EUR1bn share buy-back – its first ever, equivalent to 3.4 percent of its share capital – as it became the latest industry carrier to benefit from benign c

Fitch Ratings has decided to “set the record straight” following industry criticism that rating agencies are putting pressure on (re)insurers to diversify.

AXIS Capital Holdings Ltd confirmed earlier this month that John Charman, its founding president and chief executive, will sell down his holdings in the company for personal reasons.

Chaucer Insurance Holdings plc is in talks to launch a new Lloyd’s syndicate with the former QBE Limit underwriter, Mark Harrington.

Sean Dalton and Andrew Elliott, the former managing director and head of underwriting at one of Lloyd’s largest (re)insurers Liberty Syndicates, are planning to form a new syndicate, The Insurance Insider can reveal.

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...

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

Benfield Group warned last month that trading profits are likely to be £10mn lower in 2006 than previously expected because of the loss of senior members of its facultative team to a rival firm.

Bermudian (re)insurer Everest Re Group faces the prospect of a downgrade from Standard & Poor’s (S&P) after the rating agency revised the outlook on its AA- rating from stable to negative on 13 November.

Lloyd’s gatekeeper Rolf Tolle has to tread a fine line between allowing fresh start-ups across his threshold and being too restrictive. To ensure vibrancy, the market needs fresh blood but too much can lead to downward rating pressures and excessive compe