September 2007/5

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

In a coup last week UK life insurer Prudential poached Tidjane Thiam, head of European operations at rival Aviva, to replace its outgoing finance director Philip Broadley.

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

Investment banks Morgan Stanley and Lehman Bros revealed the extent that they have suffered from the sub-prime crisis in the third quarter results last week.

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.

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.

Pembroke Managing Agency, which was formed last year by Chaucer Syndicates in conjunction with Quanta Holdings, has appointed Mark Butterworth as its managing director.

A series of tornadoes struck towns across England this morning (24 September) damaging homes and vehicles.

Catastrophe modelling firm EQECAT has release its new Atlantic hurricane model, which includes storm surge for the first time.

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

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.