April 2006/5

Our 2006 London Market survey continues to provide interesting feedback on the structure of the market, the demise of Kinnect, the rise of the "gang of six" and the possible solutions available to improve efficiencies in the market.

HSBC Insurance Brokers have appointed the former KPMG executive Alexander Pohl to its Corporate Finance Division. Pohl, who spent five years with the accountancy giant advising clients on financial, commercial and environmental issues arising from...

Lloyd's of London has announced the appointment of Ian Faragher as chief operating officer for its new Chinese onshore reinsurance operation in Shanghai. Director of worldwide markets, Julian James welcomed the appointment: "Ian brings with him...

The run-off acquisitions firm LCL Acquisitions Ltd has completed its ownership of the Isle of Man insurance administration firm FIT Administration (IoM) Ltd. LCL - which was itself acquired by the London Stock Exchange quoted...

UK insurer Royal & Sun Alliance (R&SA) last Thursday (20 April) announced plans to swap its US dollar subordinated bonds - so-called "Yankee Bonds" - for sterling perpetual guaranteed bonds to boost regulatory capital. Under the FSA's prudential...

Lloyd's insurer Amlin has conditionally agreed to raise £230mn through a long-term debt issue in order to refinance its expansion into Bermuda. Amlin intends to use the two-tier subordinated notes in order to refinance existing loans and letters of...

Shares in Lloyd's insurer Brit Insurance Holdings plc climbed to 98.5 pence on 18 April following an upgrade to BUY from analyst and house broker Numis Securities. In a research note, Numis analyst Nicholas Johnson said: "Brit's shares enjoyed a...

Maurice Sabbah, a co-founder of the controversial aviation reinsurance pool Fortress Re, died last week at the age of 77. Sabbah, together with the colourful Kenny Kornfeld, became a dominant force in aviation reinsurance through its North-Carolina...

Despite recent negative comments from analysts on the performance of its banking arm, Allianz received a boost from Standard & Poor's (S&P) last week, as the agency upped its outlook on the insurer to positive and affirmed its AA- financial strength...

America's second largest personal line insurer, Allstate reported a 26 percent jump in its first quarter profits on 18 April. Net income totalled $1.42bn, or $2.19 per share, for the first three months of 2006, up from $1.12bn, or $1.64 per share...

Investment bank JP Morgan Chase has settled it initial public offering class action suit after agreeing in principle to pay $425mn. JP Morgan spokesman Joseph Evangelisti said an agreement had been reached in principle and that the settlement...

Susan Rivera, one of Eliot Spitzer's biggest scalps when she resigned as head of ACE Group's US property & casualty operations last year, has returned to the industry as president of the Hannover Re Group's rebranded US specialty operations, Praetorian...