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January 2006/5

  • Shares in run-off (re)insurance group Alea Group Holdings slumped almost twenty percent in early trading this morning after the group predicted a full-year loss of $200mn-$240mn.
  • The UK insurance outsourcing company Rubicon Corporation has appointed Kroll Corporate Advisory & Restructuring Group as administrators after experiencing trading difficulties.
  • Musical chairs among the senior London market underwriting associations saw the chairman and chief executive of ACE’s European operations Andrew Kendrick replace Brit’s Dane Douetil as chairman of the Lloyd’s Market Association (LMA).
  • The UK Court of Appeal has this morning (26 January) overturned a ruling that insurers should pay out on claims filed by people suffering from pleural plaques, a condition it had been suggested could lead to serious asbestos-related diseases such as...
  • Lloyd’s “plumbing” system of outdated, paper-based processes is so unwieldy and inefficient and weighed down with the “sewage” of so many unsigned wording, delays and errors that its "customers can’t bear the stink", according to Alex Letts CEO of...
  • The UK insurance outsourcing company Rubicon Corporation has appointed Kroll Corporate Advisory & Restructuring Group as administrators after experiencing trading difficulties. Established in late 2000 by the former chief executive of...
  • Sovereign Risk Insurance Ltd – the political risk joint initiative between Bermudian giants ACE Ltd and XL Capital Ltd - will become wholly owned by ACE from the 1 February.
  • Lloyd’s decision to terminate the Kinnect project came just over a week after the Corporation unveiled a new strategic plan which creates a vision of the Society being a low cost insurance platform.
  • Lloyd’s has closed its controversial electronic platform Kinnect after spending an estimated £70mn+, and over four years of development time, on the ill-fated system.
  • Marsh Inc’s new chief executive Brian Storms will spend much of the next month on the road as he travels across the globe to meet his business heads and rally the broking giant’s troops. The former Mercer Human Resource Consulting chief executive...
  • Hedge fund backed Glacier Re has received a boost from AM Best with news that the rating agency has affirmed it’s A- (excellent) financial strength rating. Glacier Re – which begun trading a year ago – was feared to be badly struck by...
  • Amlin has advised it is not currently supporting the London market space consortium being supported by Liberty Syndicates, despite the suggestion to the contrary in January’s edition of The Insurance Insider. We are happy to clarify this.
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