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.