September 2007/5

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

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.

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 last week, driven largely by Bermudian subsidiary Omega Specialty.

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.

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.

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.

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

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

Lloyd's insurer Novae Syndicates Ltd (NSL) plans to close the 2002 year of account on its run-off Syndicate 1241 into its Syndicate 2007, it revealed on Friday (21 September).

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.