October 2006/6

US broker USI Holdings saw its shares leap 8 percent last week after the independent firm admitted it was mulling a private equity buyout offer.

BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services related companies, has increased its brokerage investment with the proceeds of its recent AIM listing.

Willis became the latest of the international brokers to announce job losses as part of an efficiency drive with confirmation by the company that it would cut 400 positions.

Bermudian reinsurers Everest Re and PartnerRe both announced on 23 October that that they had returned to a third quarter profit after last year’s storm losses.

Transatlantic Holdings, the parent of Transatlantic Re, reported record third quarter net income of $106.9mn on 26 October.

IPC Holdings joined its fellow Bermudian reinsurers by bouncing back from last year’s record third quarter losses and posting a profit this year, it reported on 24 October.

ACE Ltd’s president Evan Greenberg struck a cautious note as the Bermudian powerhouse unveiled strong third quarter earnings last week.

Flagstone Reinsurance Holdings became the first “Class of 2005” reinsurer to confirm plans for an IPO after filing with the US Securities and Exchange Commission (SEC) in a bid to raise $175mn in an initial public offering (IPO) on 24 October.

Lloyd’s insurer Kiln plc announced on 26 October that Paul Letherbarrow would be assuming the role of active underwriter of Kiln’s Aviation division, Syndicate 510, subject to Lloyd’s approval.

Richard Ikin, the property underwriter who resigned from Hardy Underwriting earlier this month, is set to join rival Novae Group plc, The Insurance Insider can reveal.

Canopius has bought fellow Lloyd’s insurer Creechurch Underwriting Ltd in a deal that will create a £450mn capacity syndicate next year.

The UK’s Competition Commission has provisionally cleared the acquisition of CBS Private Capital Ltd’s business to rival Hampden Agencies Ltd...