September 2007/5

XL Capital has furthered the market trend in repatriating capital after announcing its second share buyback programme this year.

Shares in Benfield Group fell this morning after Numis Securities slashed its target price on the reinsurance broker amid revenue concerns.

German insurance giant Allianz SE is negotiating to purchase 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.

RK Harrison, the independent London Market broker, has been hit by the loss of a major North American account to Aon Ltd.

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.

HCC Insurance Holdings, Inc has become the latest (re)insurer to be frustrated by the post-US sub-prime crisis credit crunch as it axed a $300mn debt issue on Friday (21 September).

The European (re)insurance industry will be holding its breath as the European Commission's (EC) long-awaited final report into business insurance is published this week.

The start-up Lloyd's insurer Ark Syndicate Management will add accident & health to its list of classes next year following its swoop for senior class underwriters at St Paul Travelers Syndicate 5000.

Heritage Underwriting Agency Ltd became 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.

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 proposals unless amendments are made.

Lloyd's has recruited a number of key London personnel to help the franchise in its continued bid to push process reform.

Lloyd's insurer Illium Managing Agency Ltd is to apply to launch a wholly aligned syndicate to write business on behalf of parent HCC Insurance Holdings, Inc.