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.

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

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

ACE Ltd has acquired Munich Re's 15 percent stake in Russian Re, the Moscow-based independent reinsurer.

Reinsurance broker Benfield has opened a branch office in Taipei, Taiwan as it continues to enhance its presence in China.

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.

UK-listed Lloyd's insurer Chaucer Holdings plc has increased the forecasts for its Lloyd's syndicates, it announced last week. Chaucer raised its forecasts on both of its syndicates for both last year and 2004.

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".

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.