August 2005/4

Tropical Storm Risk (TSR), the consortium of experts on insurance, risk management and seasonal climate forecasting, today (15 August) increased its forecast for Atlantic hurricane activity in 2005 by 30 percent.

Swiss reinsurer Converium came out ahead of expectations on 9 August to post a second quarter net profit of $70.8mn, against a net loss of $660mn in the same period of 2004.

Art Coleman has left run-off specialists Global Resources Managers (GRM) to set up his own operation, taking a number of colleagues with him, Insider Week understands.

Jeremy Fall, the managing director of (re)insurance consultants Chiltington International, has left the group to form a new run-off advisory firm, Quest Consultants.

Lloyd’s has received a request for information about finite reinsurance from the Securities and Exchange Commission and the office of New York attorney general Eliot Spitzer, it emerged today.

George P Reeth, president of Willis North America has resigned with immediate effect.

The Cypriot jet that crashed in Greece Sunday (14 August) morning was insured in the London market for an estimated $30mn.

Lloyd’s insurer Illium Insurance will now expand its 2006 capacity through a consortium rather than a pre-emption, Insider Week can reveal.