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IPC rejects revised Validus terms, begins new CEO search as board crunch looms
The board of in-play Bermudian catastrophe reinsurer IPC Holdings has rejected a revised offer for the company from compatriot (re)insurer Validus Holdings.
23 June 2009
Avery to join Fenchurch Advisory Partners
Julian Avery, the former CEO of Wellington Underwriting plc and chairman of Equity Insurance Group, is set to join financial services investment banking boutique Fenchurch Advisory Partners as a senior adviser.
23 June 2009
African Re joins the 'A-' club
Ratings agency Standard & Poor's (S&P) has raised its insurer financial strength rating on Nigeria-based African Reinsurance Corp to 'A-' from 'BBB+' with a stable outlook.
23 June 2009
Ironshore raises $300mn in private equity
Expansive Bermudian insurance group Ironshore Inc has raised $300mn in private equity to take advantage of the "significant dislocations" it is seeing in certain markets.
23 June 2009
News In Brief
RAA: $58bn in US premium ceded offshore in 2008; AWAC launches side 'A' D&O excess product; Ace enters $500mn LOC agreement with Deutsche Bank; Heath Lambert gains two new clients
22 June 2009
Willis Re UK exec quits
Donald MacDonald, the deputy managing director of Willis' UK reinsurance unit, has resigned, The Insurance Insider can reveal.
22 June 2009
TWIA reinsurance signed into law
Texas Governor Rick Perry has signed into law a bill (HB 4409) for restructuring the state's windstorm insurance fund, the Texas Windstorm Insurance Association (TWIA), and axing its $1.5bn reinsurance programme.
22 June 2009
People Moves
Endurance announces promotions; THB swipes Guy Carpenter exec for Zurich office; Clyde & Co expands into life market with new team; SBJ picks up two from Aon Benfield...
22 June 2009
Byrne flags up inflation concerns; piles into TIPS
After 2008's bleak investment conditions, Flagstone Re has piled out of equity investments and now has 34.5 percent of its portfolio invested in US Treasury Inflation-Protected Securities, or TIPs...
22 June 2009
US Court upholds $500mn asbestos settlement against Travelers
The US Supreme Court has reinstated an approximate $500mn settlement in an asbestos lawsuit against US insurance giant The Travelers Casualty Companies (Travelers).
22 June 2009
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