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.

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.

Amlin predicts strong first half year Shares in Lloyd’s insurer Amlin Plc rose sharply on 17 August after the company released a better-than-expected trading statement.

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.

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

AIG-backed Lloyd’s insurer Ascot has withdrawn from fine art underwriting, it emerged last week.

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

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