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April 2007/5

  • 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.
  • Fast growing insurer Canopius Ltd is looking at options to expand its platform outside Lloyd’s, Insider Week can reveal.
  • Cat modelling firm Risk Management Solutions (RMS) has said the recent increases in Florida’s property values has exposed some cat bonds to a higher risk.
  • Patrick Snowball, Aviva UK’s group executive director, has resigned suddenly from the company and is set to join the insurance consolidator Towergate Partnership as deputy chairman.
  • AXA is set to securitise a further portion of its motor portfolio some 18 months after its landmark FCC Sparc transaction.
  • Japan’s improving economy has sparked an upgrade in the financial strength and debt ratings of Tokio Marine & Nichido Fire Insurance Co Ltd from AA- to AA.
  • David Shipley, one of Lloyd’s leading underwriters, has stepped down from the syndicate he founded in 2000.
  • Novae Group plc has opened an international general liability (GL) account with the recruitment of two senior underwriters to its Lloyd’s Syndicate 2007.
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