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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.
  • 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.
  • 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.
  • Strong results prove SCOR bid undervalued, says Swiss rival
  • The changing of the guard among London’s mid-tier brokers continued last week after RFIB Group Ltd confirmed it had undertaken a management buy-out financed with private equity support.
  • 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.
  • US insurer Allstate Insurance has been ordered to pay $2.8mn to a Louisiana man whose home was destroyed by Hurricane Katrina.
  • London market back-office service provider Xchanging Insurance Services (XIS) has announced it will significantly streamline the Lloyd’s Stage 2 policy wordings checks.