April 2007/4

The failure of previous ventures has given the London market a certain notoriety for its inability to embrace new processes and methods of doing business. But is this fair? And, more importantly, are we finally seeing some real progress?

AM Best has assigned an A- rating to Max Specialty Insurance Company, the recently launched excess and surplus lines operation of Bermudian Max Re Capital.

Integro Ltd, the insurance broker which recently unveiled ambitious plans to roll-out a global wholesale and facultative division, has appointed a new chief financial officer to replace the retiring Joseph Salerno.

Swiss Re has launched its EUR329mn European Clean Energy Fund to invest in environmentally friendly projects.

Property facultative and catastrophe treaty lines in South America are likely to continue softening in 2007 after bumper returns in 2006, according to Swiss Re’s head of reinsurance in Latin America, Beat Strebel.

European insurance trade body the Comité Européen des Assurances (CEA) has urged the European Commission (EC) to retain the industry’s block exemption from certain anti-competition rules, arguing it actually promotes competition.

There are only a few remaining spaces at The Insurance Insider’s Capital Management 2007 event in London this Thursday (19 April).

One of the final strands of litigation remaining from US bank PNC Financial Services Group Inc’s decision to repackage its bad debt via financial reinsurance with American International Group (AIG) was settled last week.

Beazley Group plc has increased the capital of its US admitted insurance company, Beazley Insurance Company by $45mn, bringing its total capitalisation to around $105mn.

Two former Marsh & McLennan Cos (MMC) executives went on trial in New York last week facing charges relating to a lucrative bid-rigging scheme.

Converium has reeled out key business partners in its public campaign to shareholders as it continues to fend off advances from rival SCOR with a warning that a tie-up could mean the loss of up to $800mn in premium income.

Underwriters are divided on whether premiums in the financial institutions market will bottom out this year, according to a survey conducted by Willis.