December 2006/4

Swiss reinsurer Converium closed the sale of its North American operations to National Indemnity Company last week, leaving the resolution of regulatory investigations the final hurdle to an upgrade from rating agency Standard & Poor's (S&P).

Lockton International, the fast-expanding arm of US broker Lockton Inc, has recruited the former JLT Re executive Paul Jack. Jack – who left Jardine Lloyd Thompson Group plc recently – will reacquaint himself with Mike Hammond, the former head of JLT Ris

Lloyd’s aims to have a structure in place to allow special purpose reinsurance syndicates to start mid-2007, along with a more streamlined timetable for Integrated Lloyd’s Vehicle (ILV) business plans and capital setting.

UK regulator the Financial Services Authority (FSA) has reviewed the market’s progress on contract certainty and says that “enough progress has been made to keep regulatory intervention on hold”, according to its own high-level assessment.

Trade body the Lloyd’s Market Association (LMA) has ended its search for a new chief executive with the appointment of David Gittings, the former group head of risk at Wellington Underwriting Plc.

Stephen Cane, the former chairman of the international underwriting association of London (IUA) and ex-head of run-off reinsurer Alea’s London operations, has joined the insurance services company Whittington Group.

Wellington plc, the Lloyd’s insurer that has agreed to the takeover overtures from rival Catlin Group, has parted company with more executives including the departure of its group head of risk to become CEO of the Lloyd’s Market Association (LMA).

UK outsourcing giant Capita Group has emerged as a front-runner to acquire the up-for-sale specialist consulting and outsourcing company Axiom Consulting, Insider Week can reveal.

Oxygen, the independent London based intermediary, has parted company with a three-strong international property team, Insider Week can reveal.

This edition of Insider Week is the last publication from Insider Publishing Ltd in 2006. Insider Week will resume on the 2 January while the January edition of The Insurance Insider will be available to download from the 11 January.

Two executives have settled with the Securities and Exchange Commission (SEC) over their roles in the 2001 accounting scandal said to have inflated PNC Financial Corp’s earnings by concealing $762mn in potential liabilities.

Recent warnings over the rapidly softening UK professional indemnity (PI) market would appear to be valid, with total premium paid by solicitors down £32mn in the key 1 October renewals.