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.

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.

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

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).

London-based electronic trading platform RI3K is streamlining charges for its services in response to “market criticisms” over the firm’s pricing structure.

French reinsurer SCOR SA will add to its Atlas suite of cat bonds with the EUR160mn Atlas IV bond, which is due to close on 27 November.

Montpelier Re has continued to build its US operations with the launch of a new direct property facultative division to write business on behalf of its Lloyd’s Syndicate 5151.

Administrators of loss-hit Kamp Re 2005, Zurich Financial Services' (ZFS) catastrophe bond, have extended the original maturity date by a month, to 14 January 2008, pending a final determination of the loss amounts.

Brit Insurance Holdings plc’s share price continued to fall this morning despite an encouraging trading statement and the group’s apparent lack of exposure to the sub-prime crisis.

As softening continues in the professional indemnity (PI), directors’ and officers’ (D&O) and financial institutions (FI) insurance markets, premium rates could soon head towards levels seen in 1999 and 2000 – the trough of the last soft market – accordin

Jardine Lloyd Thompson (JLT) has become the latest broker to announce a capital repatriation programme as the group’s share price continues to fall as a result of weak equity markets.

The financial strength rating (FSR) of Swiss Re has been placed under review with negative implications by AM Best following the reinsurance giant’s announced SFr1.2bn ($1.1bn) mark-to-market loss from credit default swap exposures.

Fitch Ratings has upgraded the insurer financial strength ratings of UK insurer Aviva plc’s non-life firms to AA.

Syndicate forecasts for Chaucer Holdings plc’s Lloyd’s operation have continued to improve, according to the firm’s latest report.

Gallagher London is optimistic that it will receive an understanding response from insurers and clients as it levies an additional commission for placing business in the London and UK markets.

Non-life insurers should escape the global credit crunch but not contagion from economic stagnation or recession, according to the latest research from Morgan Stanley.