February 2005/5

After a tumultuous six months, the Board of directors of Swiss reinsurer Converium have replaced chief executive Dirk Lohmann with the company’s managing director Terry G Clarke.

Bermudian Platinum Underwriters Holdings, the parent company of St Paul spin-off Platinum Re, last week (22 February) reported 2004 net income of $84.8mn or $1.81 per diluted share, down $60mn on the previous year, as the impact of record natural catastro

Growing losses from last autumn’s hurricanes contributed to property catastrophe specialist IPC Re reporting lower than expected fourth quarter results last Tuesday (22 February).

London Stock Exchange quoted reinsurer Alea Group Holdings has removed its group underwriting director and US operation chief executive in a management reshuffle weeks before it is due to publish its 2004 results.

MMC-backed Danish Re – which writes business at Lloyd’s through its Syndicate 1400 – has been bought by Imagine Insurance Company Ltd, a subsidiary of Barbados-based Imagine Group.

Simon Clapham, the active underwriter of Brit Syndicate 2987, left Brit Insurance Holdings last week.

UK’s largest broker Jardine Lloyd Thompson Group Plc (JLT) today (28 February) announced results in line with its profits warning of November last year, blaming the performance on “internal and external factors” at its JLT Risk Solutions division, along w

D&O insurers’ willingness to void cover for one of the most common source of claims – exposures arising from financial restatements which then spark securities class actions – has led Chubb Insurance Company to apply to a Canadian Court to rescind its cov

The end of February brought news of more MMC executives defecting to rival organisations including reinsurance broker Benfield Group’s capture of Marsh’s head of global marine and energy practice John Lapsley.

Bermudian headquartered Endurance has appointed Gunther Saacke to head up the property and casualty treaty reinsurance operation in its London office.

(Re)insurance broker Cooper Gay announced record results this month (17 February) with total income up 3 percent to £52.1mn and pre-tax profits increasing by more than 2 percent to £8.3mn.

As predicted in the December 2004 edition of our sister publication The Insurance Insider, Jubilee Managing Agency Ltd has announced the acquisition of the Cassidy Davis business from St Paul Travelers’ Lloyd’s operation.