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August 2005/5

  • Lloyd’s insurer Illium has reached a provisional agreement to expand its 2006 capacity through a coinsurance arrangement with Great Lakes UK, a subsidiary of world’s largest reinsurer Munich Re.
  • The head of General Electric’s (re)insurance arm has confirmed that the giant conglomerate will probably sell or spin-off all its underwriting units in due course.
  • In a surprise move, reinsurance giant Swiss Re announced today that Jacques Aigrain will succeed John Coomber as its chief executive.
  • Rod Fox, the former chief executive of Benfield's US arm, is set to return to operations at the reinsurance broker after being granted a leave of absence in the spring following allegations concerning his private life.
  • MMC’s finance director Sandra Wijnberg will be the latest high profile departure from the broking giant after confirming this week that she would step down early next year.
  • Broking start-up Integro has announced the appointment of John F McCaffrey, formerly chairman of Frank B Hall Consulting Co. and most recently head of market relations at Arthur J Gallagher & Co, as managing principal.
  • The passenger plane that crashed in Venezuela on 16 August killing all 160 on board was insured out of Lloyd’s of London.
  • Ratings agency AM Best has upgraded the financial strength ratings (FSR) on a number of ACE Ltd subsidiaries.
  • Giant insurer Zurich Financial Services Group (ZFS) reported a strong set of half-year results last Thursday (18 August), prompting ratings agency Fitch to upgrade its financial strength ratings from “A” to “A+”.
  • Australian insurer QBE announced last Wednesday (17 August) a record profit of A$491mn (£207mn) for the first half of 2005.
  • In a trading update released to the London Stock Exchange this morning (22 August) Lloyd’s insurer Wellington Underwriting has said it expects to exceed market expectations for the first half of 2005.
  • Recently quoted Lloyd’s insurer Omega Underwriting Holdings Ltd forecast last week that it would make 10-15 percent profit on a capacity of £152mn for 2003.