December 2006/4
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Oxygen, the independent London based intermediary, has parted company with a three-strong international property team, Insider Week can reveal.
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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.
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Eliot Spitzer, New York’s governor-elect, has nominated Willis Group’s general counsel, Eric Dinallo, for the post of the state’s insurance superintendent in his administration.
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Advent Capital Holdings has completed its £19.7mn capital raising for its Bermudian platform, Advent Re, which will write retrocessional business.
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Lloyd’s insurer Beazley Group plc has strengthened its political risk team with the appointments of Peter Jenkins and Marc Werblow.
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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.
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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).
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The DE Shaw group is set to become the latest hedge fund to form a dedicated reinsurance unit.
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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.
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Swiss Re, the world’s largest reinsurer, announced another change to its senior management team last week with the departure of its veteran chief financial officer Anne Godbehere.
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Windsor plc, the UK quoted insurance broker in management buy-out talks, has announced a small dip in profits for the year ending 30 September 2006.
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Bermudian (re)insurer Quanta Capital Holdings appointed run-off expert Mark Bridges to its board of directors on 11 December.
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Bermudian reinsurer Harbor Point Re Ltd has opened a London market representative office in Lloyd’s.
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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).
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Talbot Underwriting Ltd is to enter two new classes of business as it becomes the latest Lloyd’s insurer to announce an increase in capacity for the 2007 year, with its Syndicate 1183 up 6 percent to £325mn.
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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.
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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.
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Stone Point Capital managed fund Trident II is selling off 3 million shares it holds in Bermudian powerhouse Axis Capital Holdings in a block trade.
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Bermudian (re)insurer ACE Ltd has said that a recent review has confirmed the adequacy of its asbestos reserves.
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Bermudian (re)insurer Max Re Capital announced plans to launch a US-based excess and surplus lines platform last week (14 December).
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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
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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.
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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.
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A trial date of January 2008 has been set to hear Lloyd’s case against Benfield and Aon, the two brokers who placed the £500mn Central Fund insurance contract that failed to engage following an arbitration decision last year.