April 2007/5

David Shipley, one of Lloyd’s leading underwriters, has stepped down from the syndicate he founded in 2000.

Standard & Poor's (S&P) decision to upgrade Lloyd's to A+ will surprise few people but it will still be a significant fillip to both the Corporation’s senior management and the insurers who underwrite through the market.

London market back-office service provider Xchanging Insurance Services (XIS) has announced it will significantly streamline the Lloyd’s Stage 2 policy wordings checks.

Bermuda-based life reinsurance specialist Scottish Re Group hopes to complete its $600mn rescue deal with two private equity firms within the next four weeks.

Glencairn Ltd, the Lloyd’s broker taken over by US firm Hilb Rogal & Hobbs Company Ltd (HRH) last December, has expanded by taking on the majority of Park London’s insurance and reinsurance business.

QBE Limit has expanded its aviation team hiring Tony Ambrose as an underwriter for Syndicate 5555's Products and Airports team.

AM Best has confirmed the appointment of former Lloyd’s commercial director Roger Sellek, a development first reported in Insider Week No 271.

Xchanging has priced its proposed initial public offering (IPO) at 210 to 240 pence a share, effectively valuing the company at £500mn at the mid-point price.

PartnerRe has promoted Costas Miranthis to become deputy chief executive of its non-US operations, PartnerRe Global.

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...

Reinsurance broker Benfield Group has successfully completed 98 percent of its 1/4 Japanese renewals electronically with the G6 group of Lloyd’s insurers.

Novae Group plc has opened an international general liability (GL) account with the recruitment of two senior underwriters to its Lloyd’s Syndicate 2007.