January 2006/4

Lloyd’s insurers Talbot Underwriting and Cathedral Underwriting have pointed out that they have not currently agreed to back the $250mn+ London market space consortium being supported by Liberty Syndicates, despite the suggestion to the contrary in...

World’s biggest insurer American International Group (AIG) announced last night (18 January) that its executive vice chairman and chief operating officer Donald Kanak is leaving the company at the end of the month, after less than a year in the role.

Swiss Re is planning to shed 10-15 percent of its workforce after completing the takeover of GE Insurance Solutions (GEIS) in a $7.6bn deal.

Seven changes are expected to Converium’s board of directors when shareholders meet in April for the company’s Annual General Meeting.

World’s largest broker Marsh last week announced three senior appointments, including the capture of James Pierce Jr from rival JLT to chair its global marine and energy division.

Management at HCC have confidently predicted that the firm will achieve, or better, its consensus earnings of $2.55 per share for 2006.

Hurricane-hit US insurer Allstate has trebled the cost of its reinsurance programme from $200mn to $600mn as it changes strategy to prevent a repeat of 2005’s losses having the same negative impact.

World’s largest insurance company American International Group (AIG) is expected to pay over $1bn in order to settle fraud investigations by US authorities, according to a report in the Wall Street Journal (WSJ). In May last year New York attorney...

Last Friday (13 January) saw the launch of specialist lines underwriting agency Amalfi Underwriting Ltd in the London market, with a target to write $25mn of premium income in its first year.

Lloyd’s listed insurer Amlin last Tuesday (10 January) reported a bullish trading statement despite fears expressed in some quarters over rates at the 1/1 renewals, and said 2005 pre-tax profits are expected to exceed analysts consensus forecasts.

Benfield’s head of aerospace reinsurance, Stephen May, is set to leave the group only weeks after it was announced the company would be the co-broker on an innovative $250mn space consortium. According to the broker, May will leave the company...

French reinsurer SCOR has hinted at a strong renewals season saying the group has improved its "positioning" by experiencing "satisfactory conditions on all the markets (excluding the United States) on which the Group operates".