August 2007/5

Insurance services company Whittington has overseen the first successful scheme of arrangement for a Singapore-based insurance company, with the closure of Lion City Run-Off Private Ltd.

Newly-listed Tawa plc has raided outsourcing firm Axiom Consulting as it strengthens its asbestos, pollution and health hazard (APH) team.

London market back office service provider Xchanging plc has entered into a retail investment account management partnership with Allianz Global Investors.

French reinsurer SCOR Group revealed a 55 percent increase in its gross written premium during the first half of this year, primarily driven by its acquisition of the life reinsurer Revios.

Swiss reinsurer Converium Holdings posted a 58 percent half-year increase in its net income of $197mn in its final results after being acquired by SCOR Group earlier this year.

The Spitzer fallout continues for Marsh & McLennan Cos (MMC) with the filing of an anti-trust lawsuit by the state of Ohio against the world's largest broker, along with American International Group and three other insurers.

US giant Travelers' Lloyd's operation is set to become the latest managing agency to establish a Singapore presence through the Lloyd's Asia platform.

Independent Insurance's London Market division was accepting "rubbish business" where "no premium was too cheap" the company's former chief executive Michael Bright told a court last week.

"Class of 2005" insurer Lancashire Holdings Ltd has appointed Neil McConachie as its chief risk officer.

Zurich Financial Services (ZFS) has confirmed that it has made a $30mn settlement for a class action lawsuit in the US.

The Insurance Insider's Trading Risk event on the 6 September has now attracted over 350 registrants - meaning only subscribers to the publication can now register to attend.

Despite the fact it was the third-most intense Atlantic hurricane to make landfall since records began Hurricane Dean's "extraordinarily fortunate track" left (re)insurers facing only modest losses.