April 2006/3

Michael Bright, the colourful founder of collapsed UK insurer Independent Insurance, will face trial on charges of conspiracy to defraud at a trial starting after Easter 2007, a preliminary hearing at Southwark Crown Court heard on the 24 March.

German reinsurer R+V is awaiting judgement on the quantum of liabilities due from the controversial former Lloyd’s based underwriting agency Risk. Mr Justice Tomlinson finished hearing the case on 30 March after a two-week hearing at the...

Defunct Australian insurer HIH’s film finance action against its broker JLT Risk Solutions has ended with its claim being dismissed on 15 March. Despite Mr Justice Langley finding that JLT was in breach of duty its duty as a broker...

Legal tit-for-tat is par for the course in the ongoing break-up between American International Group (AIG) and the company now run by its ex-CEO Hank Greenberg, CV Starr. The last month has proved no exception with action in two separate cases in...

The fraud trial brought by Cable & Wireless (C&W) against five former employees of its collapsed captive insurer Pender Mutual continues as one of the defendants has gone missing without signing the final settlement. Of the 17 named defendants on...

UK-listed broker Jardine Lloyd Thompson Group plc (JLT) has parted company with Dominic Collins, executive chairman of its JLT Risk Solutions division, who has resigned after more than 20 years with the company. The move follows plans for a...

London insurers are showing new enthusiam for personal accident after recent market exodus The personal accident (PA) sector is enjoying a new found popularity in the London market after falling out of fashion in the late nineties.

Despite widespread acknowledgement from Lloyd’s insurers about its difficulties, the annual venture has received support from Keefe Bruyette & Woods (KBW) analyst Chris Hitchings in a research note assessing post-Katrina capital raising in London...

The chances of a reform of the difficulties created by the Lloyd’s annual venture in time for the 2007 underwriting year look less sure following the meeting of the Society’s Franchise Board last month. Although there were no definitive proposals...

As the hurricane season raged last year, Lloyd’s revealed that it had made a £1.38bn profit in the first half of 2005. The devastating impact of hurricanes Katrina, Rita and Wilma (KRW) was unlikely to see the performance sustained, but the Society’s...

Bermudian giant XL Capital is to float its financial guaranty business in an initial public offering (IPO) on the New York Stock Exchange, the (re)insurer revealed in a 7 April statement. Funds raised will be used to boost capital and to...

Deteriorating losses from failing insurer filter through in 2005 The scale of the damage caused to the Lloyd’s Central Fund by the failure of GoshawK’s Syndicate 102 is becoming apparent with the Society paying £76mn last year to cover claims...