April 2005/5

The broking industry continues to report an “escalating decline in organic revenue”, according to the latest research from investment bank WFG Capital Advisors LP.

The US buy-out firm Cerberus Capital Management is conducting due diligence into Gerling with a view to buying the German insurer, according to reports.

Lloyd’s backed electronic data transfer platform Kinnect has today confirmed the departure of its former customer operations director Phillip Bungey. Bungey, who joined the company in its earliest inception as Lloyds.com in 2001 under former CEO Ashok

German reinsurer Hannover Re has had its insurance financial strength and debt ratings upgraded from Baa1 to A3 and Ba1 to Baa2 respectively with a stable outlook by rating agency Moody’s Investors Service.

Lloyd’s reinsurer Advent Holdings has appointed the insurance specialists Numis Securities to advise on a proposed flotation on the London Stock Exchange’s Alternative Investment Market (AIM).