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  • Analysts have welcomed Hannover Re’s sale of its US subsidiary Praetorian Financial Group, describing it as a “good deal” that frees up capital to allow the reinsurer to lower its retro spend, underwrite more US catastrophe business and expand into new ma
  • In a year characterised by the growing interaction between the capital markets and the reinsurance industry comes the launch of a new index to trade US hurricane risks as a derivatives contract.
  • Access Reinsurance Inc, the Industry Loss Warranty (ILW) specialist broker headed by Enda McDonnell, is setting up on Bermuda in a further demonstration of the island’s pre-eminence for US catastrophe capacity.
  • Lloyd’s aims to have a structure in place to allow special purpose reinsurance syndicates to start mid-2007, along with a more streamlined timetable for Integrated Lloyd’s Vehicle (ILV) business plans and capital setting.
  • Brit Insurance Holdings has announced its long-awaited Bermudian sidecar-style vehicle Norton Re Insurance Limited, which will resume writing the catastrophe retro business the UK insurer withdrew from at 1 January 2006 renewals.
  • In a year characterised by the growing interaction between the capital markets and the reinsurance industry comes the launch of a new index to trade US hurricane risks as a derivatives contract.
  • Equitas’ senior executives will share a bonus pool of £10.4mn once the landmark agreement with Berkshire Hathaway is finalised.
  • UK regulator the Financial Services Authority (FSA) has written to chief executives of brokers highlighting their responsibility to disclose commissions when requested by clients, in compliance with its Insurance Conduct of Business (ICOB) rules.
  • German reinsurer Hannover Re has sold its US subsidiary Praetorian Financial Group for $800mn to Australia’s QBE Insurance Group Ltd.
  • Randall & Quilter Group Investment Holdings Ltd (R&Q), the UK-based acquirer of run-off businesses, confirmed on 6 December that Ancon Insurance had become its fifth acquisition of 2006.