August 2006/5

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.

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".

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

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.

The growing trend for (re)insurance securitisations was demonstrated last week with a $200mn Cat bond launched by Japanese (re)insurer, Tokio Marine & Nichido Fire Insurance Co Ltd.

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.

US mutual insurer FM Global has launched a second $300mn catastrophe bond to protect against earthquake losses in the Pacific Northwest region of North America.