August 2006/5

If 2006 proves – as it has thus far – to be a benign natural catastrophe year, then Amlin’s management duo of chief executive Charles Philipps and underwriting director Tony Holt will have again called the right numbers.

Lloyd’s insurer Hiscox plc revealed today (1 September) that it is close to setting up a Bermudian sidecar operation to reinsure its Lloyd’s Syndicate 33.

Lloyd’s insurer Wellington Underwriting plc revealed that further expansion is key to its strategic development when it announced its interim results this morning (31 August).

Lloyd’s insurer Beazley Group plc shrugged off fears of declining liability rates, by claiming it had benefited from a 3 percent average rate rises in its casualty book in the first half of the year.

AIM-listed UK broker CBG Group announced a rise of 117 percent in its pre-tax profits for the half-year on 22 August.

Rating agency AM Best has affirmed its ratings on Swiss Re and removed the company from review with negative implications it announced last week.

The Lloyd's Market Association (LMA) has launched its London Market Wordings Repository today (29 August) as it continues to drive process reform and assist (re)insurers reach their contract certainty targets.

Specialist Lloyd's reinsurer Advent Capital (Holdings) plc reported an increase of over 300 percent in its pre-tax half-year profits due to market conditions that it said were among the "best experienced by the company".

Wellington Underwriting Inc, the US platform of Lloyd's insurer Wellington Underwriting plc, announced today (29 August) that it is expanding with the launch of a marine reinsurance arm.

SCOR is facing further legal action in its long-running dispute with Highfields investment funds, the former main minority shareholder in IRP Holdings Limited, the Dublin-based quota share sidecar it established in the aftermath of 9/11.

The blanket ban on contingent commissions or Placement Service Agreements (PSAs) imposed by New York attorney general Eliot Spitzer following his 2004-2005 investigations into the major US brokers have been moderated.

Clive Washbourn, Beazley Group's head of marine, is to lead the London Marine Market Committee on hull war risk issues.