September 2006/4

Price Forbes Ltd, the London-based international wholesale operation owned by Marsh & McLennan Companies Inc, has been spun-out of the broking giant via a management buy-out, The Insurance Insider can reveal.

The $35mn third-quarter hedge fund investment reverse revealed by Bermudian reinsurer Max Re Capital yesterday (20 September) has been linked to heavy energy losses at Amaranth Advisors.

First half pre-tax profits at quoted Lloyd’s insurer Hardy Underwriting Group plc slipped to £6.1mn the company announced today (20 September), against £7.7mn in the prior-year period.

Failed (re)insurer Alea Group Holdings Ltd announced a post-tax loss of $10.7mn for the first half of 2006 today (20 September) as it continues its transition to run-off.

Max Re Capital Ltd is the latest new market in the aviation sector with the arrival of former La Réunion Aérienne underwriter Olivier Marre.

Omega Underwriting Holdings Plc has become the second Lloyd’s (re)insurer in a week to confirm plans to redomicile to Bermuda and the first to confirm it has received clearance from the UK authorities.

Bob Clements, the man who has launched a host of (re)insurers throughout a long career in the insurance industry, is looking to raise up to $1bn for Ironshore Ltd, a newly capitalised Bermudian-domiciled (re)insurance company that will specialise in provi

With the 2006 Monte Carlo Rendez-Vous offering relatively benign conditions for networking and negotiations after the travails of 2004 and 2005, discourse last week focussed on the underlying issues facing the industry in a two-paced market.

UK general insurer Royal & SunAlliance (RSA) announced that its Danish subsidiary Codan acquired two Norwegian insurers on 12 September.

The (re)insurance industry’s growing interest in the Middle East was confirmed over the weekend with American International Group (AIG) opening regional headquarters in the Dubai International Financial Centre (DIFC).

Lloyd’s insurer Kiln plc revealed plans to pre-empt its 2007 syndicate capacity to around £1bn in its interim results statement on 12 September.

Novae Group plc announced on 15 September that its pre-tax profits fell to £16mn for the half year, compared to £27.7mn in the prior-year period.