February 2005/5

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.

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

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.

Lloyd’s insurer SVB Holdings Plc has drawn-down a further £32.4mn from the special £103.6mn group reserve it established last year to absorb mounting losses from its syndicates’ legacy US casualty exposures.

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

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.