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November 2006/5

  • Despite losing three of its four underwriting heads this summer, Bermuda-domiciled Aspen Insurance Holdings (AIH) has seen its Bermudian and UK operating subsidiaries’ ratings affirmed by AM Best.
  • The sudden departure of HCC Insurance Holdings chairman and CEO Stephen Way has prompted a mixed approach from the two main rating agencies.
  • 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.
  • Wellington plc, the Lloyd’s insurer that has agreed to the takeover overtures from rival Catlin Group, has been struck by resignations from its UK property team.
  • Perhaps demonstrating the capital market’s restraint over supporting new reinsurance ventures, a trio of start-ups in the sector that were mooted to list on the London Stock Exchange’s Alternative Investment Market (AIM) look increasingly unlikely to proc
  • The Lloyd’s Corporation has brought in David Harris - a senior representative of the G6 group of London market insurers – on secondment, 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.
  • Catastrophe modelling agency Risk Management Services (RMS) has reiterated its medium-term five-year view on the probability of Atlantic storm losses as above average from next year, despite 2006’s placid storm season.
  • The nine shareholder members that are departing Oil Insurance Ltd at the end of the year will face a collective bill of $200mn for leaving the energy mutual.
  • Bermudian-headquartered (re)insurer Lancashire Holdings Ltd said it is looking forward to a “healthy” 2007 in a trading statement released on 21 November.
  • Run-off services provider CMGL has announced the appointment of Robert Bisson as general manager of its French operations.
  • St Paul Travelers has announced that Steve Eccles has been appointed active underwriter for its Lloyd’s Syndicate 5000.
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