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.

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.

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.

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.

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

Max Re announced today (30 October) that its founding chief executive Bob Cooney has resigned from the Bermudian (re)insurer after the company revealed it had reopened investigations into two finite reinsurance deals.

Aon Corp announced on 24 October that it has been named as a partner on the $5bn “extreme makeover” of the Panama Canal.