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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.
  • Lloyd's insurer Novae Group plc has announced that Jonathan Butcher will become active underwriter of its Syndicate 2007 following the retirement of the incumbent Alan Hicks later this year.
  • Zurich Financial Services (ZFS) has confirmed that it has made a $30mn settlement for a class action lawsuit in the US.
  • Bermudian reinsurer PartnerRe Ltd has relocated its global reinsurance business to Dublin in order to take advantage of the Europe Union's regulatory regime, said the company.
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