April 2007/5
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AM Best has confirmed the appointment of former Lloyd’s commercial director Roger Sellek, a development first reported in Insider Week No 271.
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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.
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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...
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Reinsurance broker Benfield Group has successfully completed 98 percent of its 1/4 Japanese renewals electronically with the G6 group of Lloyd’s insurers.
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Fast growing insurer Canopius Ltd is looking at options to expand its platform outside Lloyd’s, Insider Week can reveal.
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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.
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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.
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Strong results prove SCOR bid undervalued, says Swiss rival
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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.
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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.
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US insurer Allstate Insurance has been ordered to pay $2.8mn to a Louisiana man whose home was destroyed by Hurricane Katrina.
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London market back-office service provider Xchanging Insurance Services (XIS) has announced it will significantly streamline the Lloyd’s Stage 2 policy wordings checks.
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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.
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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.
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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.
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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.
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Bermudian reinsurer Arch Re has become the latest entrant into the burgeoning facultative reinsurance sector.
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AXA has confirmed its acquisition of the consolidator Smart & Cook as the French insurance giant becomes one of the UK’s leading SME insurance intermediaries.
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AXA is set to securitise a further portion of its motor portfolio some 18 months after its landmark FCC Sparc transaction.
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PartnerRe has promoted Costas Miranthis to become deputy chief executive of its non-US operations, PartnerRe Global.
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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.
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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.
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The key to effective capital management in a softening market is underwriting discipline, according to Catlin Group CEO and deputy chairman Stephen Catlin.
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Catlin Group underwriter Matthew Yeldham has become the latest ex-Wellington Underwriting employee to leave the group after it was confirmed he would be joining Bermudian firm Aspen Insurance Holdings Limited as its head of International Insurance.
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