December 2006/4

Bermudian reinsurer Harbor Point Re Ltd has opened a London market representative office in Lloyd’s.

Advent Capital Holdings has completed its £19.7mn capital raising for its Bermudian platform, Advent Re, which will write retrocessional business.

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

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).

Lloyd’s insurer Beazley Group plc has strengthened its political risk team with the appointments of Peter Jenkins and Marc Werblow.

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.

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.

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.

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).

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.