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.

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.

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...

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...

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...

As predicted in the January issue of The Insurance Insider, Allied World Assurance Holdings Ltd (AWAC) is set to become the last of the so-called “Class of 2001” to go public after filing for an initial public offering (IPO) of up to $400mn on 17 March.

Castlepoint Holdings Ltd is the latest reinsurer to be formed in Bermuda after the US investment bank Friedman, Billings Ramsey & Co Inc raised $265mn via a private placement for the start-up operation.

Following on from the early-reporting Lloyd’s listed vehicles (see March issue of The Insurance Insider), the latest clutch of 2005 results were mixed, with those escaping the devastating hurricane losses with a profit largely indebted to reserve...

The data processing and electronic transfer initiative being driven by the so-called “gang of six” (G6) is gathering momentum, with the completion of a first round of successful tests, agreement of standards and a ringing endorsement from the Lloyd’s...

The unlikely alliance between industry titans Maurice “Hank” Greenberg and Warren Buffett has led to the former American International Group (AIG) chief executive establishing an aviation underwriting platform in Lloyd’s.

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...

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...

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...

With last year’s record hurricane losses continuing to rise there was further bad news for hard-hit (re)insurers as two separate forecasts warned of another over-active year ahead in the Atlantic. Forecasters Tropical Storm Risk (TSR) updated this...

Profits nearly double at Allianz German insurer Allianz AG almost doubled profits last year, with 2005 net income up to EUR4.38bn, a 93 percent rise from the previous year’s EUR2.66bn. Total revenues rose by 4.2 percent from EUR96.9bn in 2004 to EUR100.

Hopes that PXRE harboured of engineering a move for its ongoing business to Lloyd’s are understood to be fading, as it revealed on 11 April that it has requested the withdrawal of its financial strength and issuer credit ratings by the major agencies.

SVB shares fall following restructuring announcement ; Lloyd’s to launch in Shanghai ; Aviva drops Pru bid ; GoshawK shares set for suspension ; Aon PLF: P&I renewal “successful” ; Bail bond syndicate increases loss estimates ; et al...

Lloyd’s Names transferring to Hampden Private Capital following its acquisition of the CBS members’ agency face the possibility of a hike in profit commissions from 2008. Hampden Private Capital is now one of only two remaining Lloyd’s members’...

Despite stagnating underwriting conditions, capacity continues to hunt for a home in the aviation (re)insurance sector, with the imminent $1bn initial public offering (IPO) of Augsburg Re and a new Limit syndicate at Lloyd’s due to start underwriting...

Lloyd’s has given distressed Bermudian insurer Quanta Capital Holdings a deadline to inject new capital into its Syndicate 4000 or face the business being closed by year-end. The Bermudian headquartered insurance group revealed in a...

Fast-expanding Omni Whittington is close to launching a Singapore-based $50mn live underwriting Lloyd's syndicate, The Insurance Insider can reveal. According to the company, the new syndicate will write “predominantly short-tail commercial...

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...

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...