August 2005/5

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.

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.

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.

GoshawK – the parent company of Bermudian reinsurer Rosemont Re – issued a profits warning last week as exposures from recent catastrophe losses continue to grow.

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.

Lloyd’s insurer Chaucer revealed improved syndicate forecasts for both the 2003 and 2004 years of account, together with positive progress on the current year of account, as it released a trading update last Thursday (18 August).

UK insurer Brit Insurance Holdings plc followed rivals Hiscox and Amlin in releasing a bullish trading statement last Friday (19 August), revealing its forthcoming half-year results will be "materially ahead" of expectations.

Underwriter Mark Warrilow has been promoted to head the crime book of business within the Specialty division of Markel International.

Canopius has announced the appointment of Lloyd’s recently departed head of risk management Stephen Manning as its new chief risk officer.

A new group, formed of marine claims adjusters from the member companies of both the International Underwriting Association (IUA) and the Lloyd’s Market Association (LMA), has been established for marine claims practitioners in the London market.