Newly formed Bermuda sidecar company Concord Re has entered into a quota-share agreement with American International Group subisidiary Lexington Insurance Co. for US commercial property business.

Business Insurance reported that Concord, which was licensed on July 26, will assume a pro-rata share of the gross written premiums and losses for the first $10 million of limits per policy, per occurrence ? or the first $5 million of limits per policy, per occurrence for lines classified as construction services ? for policies underwritten by Boston-based Lexington?s property division, according to rating agency reports.

Exposures from programme business, terrorism, personal lines, and boiler and machinery will be excluded under the reinsurance agreement, which will cover contracts between July 15, 2006, and January 15, 2008, ratings agency Standard & Poor?s Corp. said in a statement announcing its rating of a term loan debt facility for Concord Re.

Initial capitalisation for the newly formed Class 3 Bermuda reinsurer is expected to be up to $750 million, Moody?s Investors Service said.

?We?re not commenting until the deal is completed,? said an American International Group Inc. spokesman on Lexington?s behalf. Lexington, the largest US surplus lines insurer, is a subsidiary of New York-based AIG.

The spokesman did not indicate when the transaction is expected to close.

Sidecars, which are special-purpose vehicles established for the purpose of taking on underwriting risk from ceding insurers or reinsurers, have surged recently, with an estimated $4 billion in capital funnelled into the new non-life structures in the months since Hurricane Katrina.

Concord Re is one of six class three insurers that formed in Bermuda in July, not all of which are necessarily sidecars.

The others are: Credit National Bermuda Ltd., Guilford Re Ltd., HSH N Residual Value Ltd., Madison Re Bermuda Ltd. and Town Hill Reinsurance Ltd.

For the year to the end of July, a total of 45 new insurance companies had been formed, according to the Bermuda Monetary Authority.

Of that number, ten were class one, three were class two, 26 were class three, one was class four and five were long term.

Sirius America Insurance Co.?s financial strength rating has been downgraded to A- from A by A.M. Best Co. Inc. following the completed sale of a majority stake of Sirius to an investor group led by Lightyear Capital L.L.C.

The rating action reflects Best?s view of the current stand-alone financial strength of the New York-based programme specialty insurer ? which is in the process of renaming itself Delos Insurance Co. ? and removes ?any rating enhancement? provided by its parent, Bermuda-based White Mountains Re Group Ltd.

The rating additionally reflects Sirius? ?sound business plan? and ?excellent track record of its management team in running profitable insurance operations,? the Oldwick, New Jersey-based rating agency said.

(Bloomberg) ? Accenture Ltd., the world?s second- biggest consulting company, named new chief executives for consulting and outsourcing and appointed new leaders to four of its five operating groups.

Kevin M. Campbell, 46, was named group chief executive of outsourcing, replacing Joellin Comerford, who will work on strategic assignments, the Hamilton, Bermuda-based company said today in a statement. Mark Foster, 46, was named group chief for business consulting, succeeding R. Timothy Breene, who leads the growth and strategy and corporate development functions.

The moves follow the appointment on August 21 of Pamela Craig as chief financial officer, replacing Michael McGrath, who is becoming an international chairman. Chief executive officer William Green is making the changes as the company starts a new fiscal year on September 1.

He is trying to boost profit by cutting administrative expenses and shifting work to India.

The company also named Gianfranco Casati, 46, to lead the products group that works with companies in transportation, consumer goods and services, freight and health services.

He was a managing director in the group and succeeds Foster.

Martin I. Cole, 50, was named to lead communications and technology, working with clients in those fields, as well as media and entertainment. He succeeds Diego Visconti, who has been named an international chairman of the company. Lisa M. Mascolo, 46, was named head the public sector unit, succeeding Cole.

She was a managing director in the group previously. Sander van ?t Noordende, 43, was named to lead the resources business, consulting with companies in utilities, chemicals, energy, forest products, metals and mining.

He led regional operations in the unit previously and succeeds David Thomlinson, now director of Accenture?s UK unit.

Shares of Accenture rose 24 cents to $28.48 at 4 p.m. in New York Stock Exchange composite trading. They have declined 1.4 percent this year.

International Business Machines Corp. is the world?s largest consulting company.

(Bloomberg) ? Global Crossing Ltd., a fibre-optic communications network operator, agreed to buy UK telecommunications company Fibernet Group Plc for about? 50.6 million ($96 million) in cash.

Fibernet shareholders will receive about 78 pence a share, Global Crossing said in a statement. The offer is 9.9 percent more than Fibernet?s closing price. Acquiring Fibernet gives Hamilton, Bermuda-based Global Crossing access to telecommunications and Internet customers and large business clients such as Ford Motor Co. Basingstoke, England-based Fibernet hasn?t reported a profit since 2001, and Global Crossing hasn?t reported a profit since exiting bankruptcy in December 2003.