October 2007/6

Lloyd's broker Oxygen has announced the formation of a new specialist team in partnership with CRS Yachts Ltd, an insurance broking team servicing the superyacht industry.

Ark Syndicate Management, the private equity backed Lloyd's insurer formed in March from a team of senior underwriters who resigned from Aspen Insurance Holdings last year...

Amlin Bermuda (ABL) has been upgraded to A (Excellent) from A- (Excellent) by ratings agency AM Best after "conservative implementation" of its business plan and a strong performance from the group's Lloyd's syndicate.

Despite a drop in gross written premiums for the third quarter of 2007, US commercial lines insurer WR Berkley reported net income of $180mn or 93 cents per share, buoyed by a...

UK flood losses of $11.4mn during the third quarter failed to dampen Bermudian firm Montpelier Re's net income of $101.3mn, up from $83.4mn in the prior-year period.

Deccan Value Advisors LP, the hedge fund which specialises in buying firms that look under-priced, has continued to build its stake in the UK quoted reinsurance intermediary, Benfield Group.

German insurance giant Allianz SE is expected to launch a new issue of European peril catastrophe bonds through a newly created vehicle, Blue Fin Ltd, Insider Week understands.

Giant reinsurer Swiss Re has signed an agreement to acquire some of UK life funds consolidator Resolution plc's life books from Standard Life plc for £2.35bn as it continues to build its Admin Re brand.

The four-month trial of three former Independent Insurance Group plc (IIG) executives ended with a successful conviction for the Serious Fraud Office (SFO) and a total of 14 years in jail sentences last week.

Leading US congressman Barney Frank has sent two bills to the Senate proposing the extension of the Terrorism Risk Act and the flood insurance programme in anticipation of the upper house’s stalling on the legislation.

The threat of "economic populism" is one of the greatest challenges facing the US insurance industry, according to Property Casualty Insurers Association of America's (PCI) president and CEO David Sampson.

Willis Group Holdings improved both its top and bottom lines in its third quarter results, which were published last week.