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.

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.

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.

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.

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.

Insured losses caused by last week’s Typhoon Wipha, which hit China and brought heavy rain to Shanghai, are not expected to reach $250mn, according to catastrophe modelling firm AIR Worldwide.

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 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).

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

Fresh from completing the acquisition of its London market platform, Bermudian (re)insurance group Ariel Re has acquired an onshore US presence with its purchase of the admitted insurer, Valiant Insurance Co.

Acquisitive private intermediary Towergate has bought a major IT solutions provider, Open International Limited, for £276mn - the largest purchase in the group's 10-year history.

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.

Some of the charges against Independent Insurance's deputy managing director Philip Condon have been dropped this morning (24 September) on the instructions of the trial judge.