April 2007/5

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...

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.

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

Bermuda-based Lloyd’s (re)insurer Catlin Group has confirmed that its Lloyd’s Syndicate 2003 will take part in Lloyd's new reinsurance operation in China.

Bermudian reinsurer Arch Re has become the latest entrant into the burgeoning facultative reinsurance sector.

Integro Ltd, the US insurance broker formed in response to the regulatory scrutiny into the US broking industry, has announced that Charles Waddington will join its facultative (Fac) team from Guy Carpenter & Co.

Energy industry mutual Oil Insurance Ltd continued to see its membership decline as it confirmed last week that 13 more companies are set to leave.

The key to effective capital management in a softening market is underwriting discipline, according to Catlin Group CEO and deputy chairman Stephen Catlin.

US insurer Allstate Insurance has been ordered to pay $2.8mn to a Louisiana man whose home was destroyed by Hurricane Katrina.

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.

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.

Last week’s shock decision by Standard & Poor’s (S&P) to downgrade IPCRe from A to A- has been questioned in some quarters and sent out a strong message to peers with a focus on volatile catastrophe reinsurance business.