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September 2007/2

  • Chaucer Holdings plc has confirmed a new £135mn private equity-backed Lloyd’s syndicate – Antares Syndicate 1274 – to take on the London market portfolio of WürttUK, as first revealed by The Insurance Insider last month.
  • Robert Bredahl, the global head of Benfield Advisory and president of Benfield Inc, has sold all of his stock in the reinsurance intermediary.
  • The bitter dispute between the former heads of Guy Carpenter’s facultative (Fac) business and the company they worked for has reached an out of court settlement at the eleventh hour allowing them to join rival broker Integro Ltd.
  • US hedge fund Deccan Value Advisors (DVA) has built a near 10 percent stake in Benfield Group Ltd fuelling speculation of its potential as an M&A target.
  • Shares in reinsurance broker Benfield Group Ltd rose more than 12 percent to 305p in early trading this morning (28 September) following reports of aborted takeover talks with the private equity arm of Goldman Sachs.
  • Marsh Inc – the broking giant which parted company with its chief executive Brian Storms suddenly this month – is looking to appoint an external candidate to replace him, The Insurance Insider understands.
  • Lloyd’s placed the emphasis on cycle management as it released strong interim results this morning, with pre-tax profits of £1.81bn, up from £1.35bn in the first half of 2006.
  • The European Commission's (EC) long-awaited final report into business insurance has told the industry to justify or reform its co-insurance practices.
  • Heritage Underwriting Agency Ltd has become the latest specialist Lloyd’s insurer to publish sparkling interim results with profits climbing by as much as 250 percent to £10.5mn for the first half of the year.
  • Bermudian quota share start-up Maiden Holdings Ltd has filed for a $500mn+ initial public offering (IPO) which would see it list on New York’s NASDAQ Exchange.
  • The House of Representatives approved a Bill on 19 September that would extend the Terrorism Risk Insurance Act (TRIA) for 15 years despite the White House stating it would veto...
  • German insurance giant Allianz SE is believed to be purchasing a minority stake in expanding UK broker consolidator Oval Group, continuing the trend for insurers to acquire greater control of distribution networks, according to sources.
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