FTSE 250 for Beazley
There was some good news for Beazley Group this week as the Lloyd's insurer regained its spot in the FTSE 250.
It regained its place in the index following industrial gases group BOC's takeover by a German company.
As BOC was removed from the FTSE 100, banking group Bradford & Bingley was promoted to the blue-chip index, leavinga position vacant in the FTSE 250.
Beazley took up its new status on Tuesday, causing its shares to rise 2p to 104p as tracker funds were forced to build up bigger holdings in the shares.
It also launched the Quincat facility in Lloyd's to write US commercial property catastrophe risks of 100% layers up to $35m for US clients.
Other insurers were in focus after Bridgewell published a note on the sector, following Hiscox's plans to set up a new, externally financed reinsurance business to increase the amount of business the company writes in 2007 and 2008.
Bridgewell said it would focus on companies seeking to build businesses across the cycle, rather than necessarily trying to maximise short-term returns by increasing exposures within the book.
"In this respect we would highlight Catlin and Brit Insurance. In the smaller companies we believe that Atrium Underwriting looks good value."
As Insurance Times went to press, Hiscox was trading at around 240p, Catlin was at around 481p, Brit Insurance was at 279p and Atrium steady at 213p. IT
' Yvette Essen is stock market reporter for the Daily Telegraph