October 2007/4

“Class of 2005” reinsurer Flagstone Re has been given the green light for its Middle Eastern operation, which will be based in Dubai.

Swiss Re run-off subsidiary, Pro Insurance Solutions Ltd has announced the formation of a US affiliate, PRO US, in a move which highlights the growing interest in the country’s discontinued business sector.

Legacy business purchaser Ruxley Ventures has been given the green light to acquire the London branch of Italian giant Generali’s Swiss subsidiary, Generali Assurances Generale (GAG).

Tysers has bucked the trend for small to mid-size London broker sales to larger rivals and private equity investors, after completing a management buyout transaction to secure its independence.

UK life funds consolidator Resolution plc, which announced in July that it had agreed a merger with UK life insurer Friends Provident to create a £9bn insurance group Friends Financial, has rejected a takeover bid from UK rival...

The Association of Insurance and Reinsurance Run-Off Companies’ (AIRROC) third annual Rendez-Vous began today (15 October) in New Jersey with a record number of delegates in attendance.

Hiscox Ltd has announced that it will not renew its $360mn sidecar Panther Re for the 2008 year, taking the tally of sidecar capacity to be run-off this year to over $1bn.

Two members of Bermudian energy mutual Oil Insurance Limited (OIL) have decided to “withdraw their policies” from January next year.

Ratings agency Standard & Poor’s (S&P) has upgraded French insurer Groupama’s financial strength rating to A+ with stable outlook in response to the group’s increased operating performance, strong brand and its “readiness” to launch an initial public offe

AJ Gallagher International’s (AJGI) new onshore/offshore energy and utility broking subsidiary is set begin operations in the New Year.

Trading on the recently launched Insurance Futures Exchange Services (IFEX) platform saw prices drop dramatically Friday (12 October) on 2007 event-linked futures contracts as traders anticipated a benign end to the hurricane season.

Connecticut attorney general Richard Blumenthal has vowed to draw back the “cloak of secrecy” covering the “entire reinsurance industry” following the filing of an anti-trust lawsuit last week against global reinsurance broker Guy Carpenter.