April 2006/1

Is the UK's system of financial regulation a help, or a hindrance, to London's competitiveness with other global (re)insurance markets? Have your say with The Insurance Insider's 2006 London Market survey where the initial feedback is that...

Lloyd's is to launch its new Chinese onshore reinsurance operation in Shanghai, the Society announced in a statement today (3 April). The move follows approval from Chinese president Hu Jintao last November for Lloyd's to set up as an onshore...

Reinsurance broker Benfield Group has announced the successful completion of its first electronic transfers of reinsurance submissions using peer-to-peer standard messaging with some of Lloyd's "gang of six". The "gang of six", or G6, comprises an...

Energy mutual OIL has responded to last year's hurricane losses and spiralling premium costs by cutting coverage in half to a $500mn aggregation limit for multiple claims from a single occurrence. The company has also suggested it may look to...

Scheme creditors of collapsed Australian insurer HIH Group approved a scheme of arrangement at a vote in Sydney on 29 March, it was announced by liquidators KPMG. HIH group was the second largest general insurance group in Australia and became the...

A report by the Association of British Insurers (ABI) has warned that the Financial Services Authority (FSA) is costing UK consumers £400mn a year. Stringent regulations and a sales process that is burdened with too much "irrelevant information"...

Hampden Private Capital is now one of only two remaining Lloyd's members' agencies after acquiring the Names' advisory business from CBS Private Capital. CBS, Hampden Private Capital and Argenta Private Capital, were the three existing Lloyd's...

Shareholders of the Arab Insurance Group (ARIG) have approved the resumption of dividend payments at the company's AGM. Profits were up nearly $22mn last year at ARIG, representing a 19.5 percent return on average shareholders'...

Insured losses from Cyclone Larry, which struck northeastern Australia last month, are estimated at between AUS$300mn and AUS$400mn by ratings agency Standard & Poor's (S&P). The agency said that, although Larry had been a major disaster for the...

Lexington Insurance, a property and casualty unit of American International Group (AIG) has announced that it will reduce its coverage of catastrophe-exposed areas by 20-25 percent this year. Florida, the Gulf Coast and California are among the...

Lloyd's insurer Heritage Underwriting Agency closed its 2003 year of account with both of its syndicates ending ahead of previous forecasts. Syndicate 1200 closed the year with profits of 28 percent on a capacity of £80mn while Syndicate 3245 closed...

Lloyd's insurer SVB Holdings plc confirmed last week a scheme of arrangement to ring-fence past liabilities, with the creation of a new holding company Novae Group plc, and formation of an FSA-regulated insurer capitalised by proceeds from a £110mn...