August 2006/3

Martin Sullivan, the president and CEO of US giant American International Group (AIG) said the group saw no insurance impact from the terror plot exposed by UK authorities last week.

Capita Insurance Services, part of the UK outsourcing giant, Capita Group plc, announced on 10 August that it had secured a deal to process claims for Chaucer Syndicates.

UK insurer Royal & Sun Alliance (R&SA) last week (10 August) reported interim after-tax profits up 22 percent to £238mn on the first six months of 2005, driven by a strong showing in its so-called core group of business.

Lloyd's insurer Canopius and Neil Utley's Equity Insurance Group (EIG) are to support a new UK commercial lines underwriting operation to be led by former NIG Commercial Lines (NIG) managing director Charles Earle.

Newly floated Bermudian (re)insurer Allied World Assurance Company Ltd (AWAC) reported an increase in net income from $71.5mn in the second quarter of 2005 to $102.4mn in its first accounting period as a public company.

Lloyd's Names will be able to give their views on Hampden Private Capital's acquisition of the Names' advisory business of CBS Private Capital after receiving a questionnaire from the Competition Commission last Friday (11 August).

No capital differential for 2007, but performance framework on track As well as ruling out the formation of an admitted lines US insurer – at least for now – Lloyd's last week (10 August) provided a comprehensive progress report on the initiatives...

Four subsidiaries of CV Starr & Co, the managing agency ultimately controlled by former American International Group (AIG) chief executive Maurice "Hank" Greenberg, are suing three AIG employees for attempting to "systematically destroy" their business.

Zurich Financial Services announced last week that Mike Foley, the head of McKinsey's US P&C insurance practice, will become the chief operating officer for its North American Commercial unit.

The proposed manager of the WFUM Pools Scheme of Arrangement, PRO Insurance Solutions, has issued scheme documentation and announced that the creditor voting meetings will take place on 27 October 2006.

Willis Group has confirmed that it has recruited a team of Jardine Lloyd Thompson's (JLT) Financial and Professional lines brokers led by Julian Martin, the recent leader of JLT's UK D&O team.

Fairfax Financial Holdings' controlled reinsurer Odyssey Re said last week that it would delay filing its quarterly financial report while it continues to review its accounting treatment of various investments.