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January 2004/4

  • Willis revealed today (12 January) that it has agreed to buy Danish reinsurance broker Kirecon A/S, headquartered in Copenhagen.
  • Kiln plc revealed last week that it is the first Lloyd’s insurer to offer Long-term and Domestic War on Land insurance, a new class of cover which combines both multi-year international war insurance with domestic war on land.
  • The New Year’s Day gas plant fire in South Australia could cost the industry around $400mn, according to early estimates.
  • Berkshire Hathaway’s late decision to significantly reduce capacity on its subsidiary Lloyd’s insurer Marlborough helped keep Lloyd’s 2004 capacity below the headline £15bn capacity.
  • Bermudian giant XL Capital announced last Tuesday (6 January) that it has ploughed $100mn additional capital into its financial guaranty arm to fund business growth.
  • The world’s fifth largest broker Jardine Lloyd Thompson Group (JLT) last Thursday (8 January) announced management changes at its reinsurance arm JLT Risk Solutions.
  • Shelbourne Development, a privately owned Irish property group, is close to buying the iconic Lloyd’s of London building, One Lime Street.
  • French and US regulators have released details of a compliance programme for French bank Credit Lyonnais, which reached settlement earlier this month in a long running investigation into alleged breaches of American and California state banking laws in th
  • Wellington Underwriting plc brought in the New Year with an upbeat analysts’ presentation last week as the insurer rounded off a busy 2003 and unveiled a 15 percent cross-cycle after tax ROE (return on equity) target.
  • Amlin - Lloyd’s second largest insurer by capacity - heralded a successful renewals season and a bullish outlook as it released a trading statement last Friday (9 January ‘04).
  • Lloyd’s liability start-up Illium Syndicate 4040 announced today (12 January) the appointment of four new underwriters. The appointees are Paul Baynham, Paul Woodward, Colin Ivory and Matt Hunt.
  • Controversial Lloyd’s based MGA Risk UK has lost its senior underwriter Hugh Rivington less than a year after it was accused of conspiracy to defraud by its former backer, German reinsurer R+V Versicherung.
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