October 2007/3

Hank Greenberg's Starr International Co has continued to build its relationship with Berkshire Hathaway with the acquisition of the Dallas-based Republic Insurance Co.

London Market insurers Ascot Underwriting and Catlin Group Ltd are leading the cover on a new property facility that will provide up to $425mn of non-catastrophe capacity in the London market for US and Canadian companies.

The London Market has the opportunity to play a key role in responding to the challenges set down in the European Commission's final Report on its sector inquiry into business insurance, according to law firm Berwin Leighton Paisner (BLP).

Corporate asbestos liability risk Bermudian class 3 (re)insurer Iron Re is set to launch by the end of the October - as revealed in The Insurance Insider this month.

Errors and omissions (E&O) claims arising out of the sub-prime crisis and subsequent financial markets liquidity crunch are likely to “dwarf” directors and officers (D&O) claims, according to Greg Flood, president of Ironshore’s subsidiary, Ironpro.

Fitch has lowered its outlook for the German non-life and life insurance to negative from stable reflecting the ratings agency view that there will be more downgrades than upgrades in the next 12 to 18 months in the sector.

Independent Lloyd's broker Howden is building a team to strengthen its general liability practice.

Broker Willis Group Holdings has increased its Swiss presence with a deal to buy Burkart Risk Consulting & Partner AG.

Shares in small Lloyd’s insurer, Heritage Underwriting Agency, peaked on the Alternative Investment Market (AIM) at 119p on 5 October, fuelled by strong interim results and vague rumour of takeover interest in the firm.

It has emerged that Lloyd’s insurers face potential losses from the investment of US trust fund cash in Mainsail II, a structured investment vehicle (SIV) hit by the credit crunch.

Lloyd’s investment vehicle Hampden Underwriting plc (HUP) has closed its subscription offer on the London Stock Exchange’s Alternative Investment Market (AIM) after raising £7.4mn.

After hitting Taiwan as a Category 4 storm on 6 October Typhoon Krosa weakened before hitting China forcing the evacuation of 1.4 million people the following day. Krosa made landfall in China near the Fujian/Zhejiang Province border with winds...