November 2007/2

Heritage Underwriting Agency plc, the specialist Lloyd’s insurer, has admitted receiving an "indicative proposal" but says the "the price contained within the proposal significantly undervalues the company".

Hardy Underwriting Group (HUG) plc has confirmed its intentions to become the latest Lloyd’s insurer to redomicile to Bermuda.

John Hurrell has been appointed CEO of the Association of Insurance and Risk Managers (AIRMIC) after a prolonged search following the departure of David Gamble this summer.

(Re)insurance broker Lockton has continued the increasingly popular trend for building Fac reinsurance business after launching a property division dedicated to the sector.

UK (re)insurer Brit Insurance Holdings plc has invested in Norton Re II, a $118.2mn Bermuda-based sidecar-style vehicle launched to replace the original $107.7mn Norton Re which expires this year.

Marsh Inc has completed its search for a new chief executive with the appointment of Daniel Glaser.

Specialist broker THB Group plc has entered into talks with PWS Holdings over the acquisition of PWS’ Lloyd’s broking business and overseas interests.

Ping An Insurance, China's second largest life insurer, has bought 4.18 percent of Benelux financial services group Fortis, at a cost of EUR1.81bn.

Powerful consolidators are forcing insurers to "fundamentally re-examine their operating models" as they tighten their grip on the commercial SME market, according to the latest research.

Catlin Group Ltd expects to take a $75mn charge against the value of sub-prime-related securities in its investment portfolio, the (re)insurer revealed in a trading statement this morning (28 November).

Groupama SA is expected to be the next European insurer to launch a cat bond with its proposed securitisation of EUR200mn of French windstorm risk.

UK mega consolidator, Towergate Partnership has agreed a £95mn cash offer for Yorkshire-based Broker Network Group today (27 November).