Catalina buys Quanta
Run-off specialist Catalina, based in Bermuda, has completed the acquisition of US-listed Quanta Capital Holdings, also based in Bermuda. The purchase was made with the assistance of Royal Bank of Scotland and Lloyds TSB Corporate Markets.
Brit expands Britboard
Brit has announced further enhancements to cover available on Britboard, its web-based system for UK brokers. All the package products – retail, office, property owners’ and commercial combined – now incorporate rehabilitation cover as a complimentary service linked to the employers’ liability cover.
Ace boosts capacity
Ace Bermuda has announced an increase in its integrated occurrence capacity from $100m to $150m (£57m to £86m). This extra capacity is available under its core excess liability product, the occurrence first reported form. Meanwhile, parent company Ace is set to report a net loss of about $1.5bn (£854m) for the third quarter. It said the loss was down to “extraordinary market conditions”. The company expects a decrease in book value per share of 7.5% year-to-date, but said its capital position remained firmly in the range of the capital required by all principal rating agencies.
Lancashire Holdings has said hurricanes Gustav and Ike will have a combined net negative impact of about $150m (£85.4m) on its financial results. The insurer said Gustav was expected to contribute less than $5m to the total estimate. Of the total $150m impact, about $125m relates to offshore losses.
Nicholls to Crawford
Clive Nicholls is to join the global markets management team at loss adjuster Crawford & Company. Nicholls will take up his new post in January. He is currently maintenance customer director at Rok.