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  • “Class of 2005” start-up Ariel Re announced Saturday (17 December) that it has begun underwriting following the completion of $1bn fundraising by parent company Ariel Holdings and receipt of an A- financial strength rating from AM Best.
  • Harbor Point Limited has become the latest of the “Class of 2005” to receive an AM Best rating, after the agency announced today (16 December) it has awarded an A (Excellent) financial strength rating and “a” credit rating to the start-up.
  • Some of Bermuda’s “Class of 2005” (re)insurance start-ups moved closer to writing business this week as they received ratings from AM Best. Today (14 December) saw the launch of Validus Re, which will be headed by ex-American Re CEO Ed Noonan.
  • As predicted in The Insurance Insider and Insider Week, Bermudian start-up (re)insurer Lancashire Holdings Ltd floated this morning (13 December) on the London Stock Exchange’s Alternative Investment Market (AIM) raising over $1bn...
  • London market IT service provider Intech was acquired this month by the expanding French company Sword Group.
  • XL Capital has appointed a new team to lead its XL Insurance Global Marine and Offshore Energy (M&OE) unit in London and New York.
  • Reinsurance specialist broker, JK Buckenham Ltd (JKB) has announced the creation of JKB USA, which has been formed in partnership with US broker Performance Insurance Services.
  • Lloyd’s broker Contractsure has raided staff from Glencairn and Alexander Forbes as it aims to double its client base within the next 18 months.
  • UK insurer Brit today (12 December) announced the appointment of two new underwriters to its London market underwriting team.
  • The Association of Run-Off Companies (ARC) has welcomed the government’s decision to delay the implementation of VAT on outsourced insurance services.