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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  • Lloyd’s “plumbing” system of outdated, paper-based processes is so unwieldy and inefficient and weighed down with the “sewage” of so many unsigned wording, delays and errors that its "customers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.
  • Hannover Re was boosted last week with the news that rating agency Standard & Poor’s (S&P) had affirmed its AA- insurer financial strength and long-term counterparty credit ratings on the German reinsurer, removing them from CreditWatch with...
  • In a critical year for UK commercial insurers to demonstrate compliance with the regulatory imposed deadlines on contract certainty, Brit Insurance Holdings plc has stolen a march on its peers by announcing that it has reached 75 percent compliance...
  • Kiln and Wellington head the list of UK quoted Lloyd’s insurers whose management have negligible equity ownership in the companies’ stock, according to research from the securities house Numis Securities. In contrast, the management teams of Hiscox...
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