February 2005/5

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

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.

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.

Max Re’s decision to focus more on traditional reinsurance has inspired the reinsurer to reshuffle its senior management. Former ART vice-president John Doucette has been appointed president and chief underwriting officer of Max Re Ltd’s reinsurance divis

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.

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.