February 2007/4

Lloyd’s reinsurer Advent Capital said it expected to make a profit of £22.8mn for last year, reversing the £74.8mn deficit a year earlier.

Novae Group plc looks set to open an international general liability account later this year, Insider Week understands.

Lloyd’s insurer Chaucer Holdings has closed its 2004-year of account with a 17.2 percent profit, up from the previously forecast 15.9 percent.

The insurance outsourcing firm Axiom Consulting has withdrawn from takeover talks with Capita Insurance Services and looks set to continue as an independent concern, Insider Week can reveal.

Aon Ltd’s Nigel Roberts has become the latest London market executive to be seconded to Lloyd’s as part of the drive to create greater process efficiencies. Roberts, who is managing director of Aon Ltd’s specialist lines and chairman...

In a further sign of growing innovation between the (re)insurance industry and capital markets, the Chicago Mercantile Exchange (CME) is to begin trading hurricane futures and options in conjunction with reinsurance broker RK Carvill.

Broking giant Aon Corp confirmed last week that it expects to lose a total of 3600 jobs as part of its ongoing post-Spitzer efficiency drive.

Litigation continues to rumble on between aerospace giant Boeing and insurers of the 702 series of satellites it manufactured that suffered generic faults leading to total constructed loss claims in 2002.

General Electric Co (GE) has lost a 10-year battle with insurers over payments relating to thousands of asbestos claims.

Despite an initial rejection of its overtures, the French reinsurer SCOR has built a 32.9 percent stake in its takeover target Converium Holding AG after striking a deal with the corporate raider Martin Ebner.