October 2006/6

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.

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.

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.

Hedge fund king Chris Flowers resigned from his role as a non-executive director at Maurice “Hank” Greenberg US managing agency CV Starr & Co last month, Insider Week can reveal.

Allianz Group’s Allianz Infrastructure Holdings subsidiary has had a £957.5mn cash offer for UK infrastructure group John Laing accepted, it announced on 27 October.

Lloyd’s CEO Richard Ward has told the market he wants to see all claims transacted electronically by the end of next year.

The UK P&I Club Board has agreed a general increase in premium rating of 7.5 percent for the financial year starting 20 February 2007.

Chaucer Holdings plc – the Lloyd’s insurer which also specialises in managing third-party underwriting operations – has agreed with Quanta Capital Holdings Ltd the formation of a new managing agency to manage Syndicate 4000.

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

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.

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.

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