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.

Veteran class action lawyer Bill Lerach, who represented Enron investors and other shareholders suing large corporations, faces up to two years in jail and will be forced to pay $8mn in fines after pleading guilty...

Brit Insurance Holdings plc is to form a Gibraltar based protected cell reinsurer which will provide reinsurance to the UK insurance group.

Specialist Lloyd's (re)insurer, Atrium Underwriting reported pre-tax profits of £23.8mn for the first half of 2007, an increase of 300 percent on the same period last year.

Bermuda-based (re)insurer Omega Insurance Holdings announced a 119 percent increase in pre-tax profits to $20.4mn for the first half of 2007, driven largely by Bermudian subsidiary Omega Specialty.

At the end of an extraordinary week for broker Marsh Inc, Brian Storms stepped down as CEO of the company.

First half profits at Co-operative Financial Services (CFS), the banking and insurance subsidiary of the UK consumer conglomerate The Co-operative Group, tumbled by 53 percent to £38mn as a result of "exceptional weather-related losses".

Lloyd’s insurer Novae Group plc’s investment performance has helped the firm beat analysts’ forecasts and post a 22 percent improvement in its first half pre-tax profits.

Lloyd’s (re)insurer Hardy Underwriting Group plc remained upbeat despite pricing pressures as it posted a 49 percent increase in its pre-tax profits for the half-year.

Deutsche Bank is set to launch the trading in catastrophe event-linked futures on the Chicago Climate Futures Exchange (CCFE) later this month, it announced today (12 September).

Bermudian Endurance Specialty Holdings Ltd is set to open an office in Continental Europe, with the fast-growing (re)insurance hub of Zurich the likely target, according to sources.

Validus Re will take a decision shortly on whether to renew its $200mn energy sidecar Petrel Re but says it looks likely to continue with the facility.

Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon’s expansion into the power sector.