October 2006/5

Reliance National Insurance received High Court approval for its solvent scheme of arrangement last Friday (20 October) as the proposal passed unopposed.

Independent broker BMS Group has appointed ex-banker Alexander Johnston as its non-executive chairman.

The decision of the US Court of Appeals on 18 October to deem the 9/11 terrorist attacks on the Twin Towers as one event has left both sides claiming victory.

Ratings agencies have responded positively to Converium’s $295mn sale of its US operations to National Indemnity on 17 October.

Rating agency Fitch last week provided an update to its unsolicited Q-IFS ratings for German insurers that sparked controversy ahead of their launch last year.

The London market’s pool of (re)insurance talent is unmatched anywhere in the world according to Jacques Aigrain, CEO of Swiss Re.

Elliot Richardson, the new head of Aon’s facultative reinsurance division, was tempted away from rival Benfield Group by a bumper remuneration package of up to £1mn, according to market sources.

Bermudian-headquartered Endurance Specialty Holdings is pulling out of the offshore energy market and parting company with Paul Upton, who ran the business out of its London subsidiary, our sister title The Insurance Insider revealed last week (17 October

Recently, AM Best appears to be singing from a different song sheet to that of the other rating agencies.

Listed insurer Hiscox is awaiting Lloyd’s approval for its planned Bermudian sidecar, which, Insider Week can reveal, will be called Panther Re.

Friday’s (20 October) landmark $7bn deal between Equitas and Berkshire Hathaway lays a framework for reinsured Names and Lloyd’s to achieve finality for pre-1993 liabilities and, if completed, nearly doubles the assets available to the run-off vehicle.

Standard & Poor’s (S&P) was the first rating agency to respond to news of the proposed reinsurance deal between Equitas and Berkshire Hathaway by signaling the possibility of an upgrade in Lloyd’s financial strength rating.