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January 2006/6

  • The Swiss stock exchange is launching a probe into giant reinsurer Swiss Re after comments made by chairman Jacques Aigrain in an interview with the Financial Times (FT). SWX Swiss Exchange reported that it had launched a...
  • Hannover Re has announced today (3 February) the completion of a $370mn catastrophe bond deal providing it with extra capacity for underwriting catastrophe risks.
  • Lloyd’s is down to the last two candidates for the next chief executive of the three-year hundred year-old institution, The Insurance Insider can reveal.
  • Lloyd’s confirmed today (3 February) that it will pursue legal action against Benfield and Aon, the two brokers who placed the £500mn Central Fund insurance contract which failed to engage following an arbitration decision last year.
  • Christian Milton, the former head of reinsurance buying at insurance giant American International Group (AIG), and three former senior General Re executives, have been indicted by a federal grand jury, according to reports in today’s Wall Street Journal.
  • BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services related companies, has listed on the Stock Exchange’s Alternative Investment Market this morning (2 February).
  • Rod Fox has left reinsurance broker Benfield to head up Clarendon Group, the US specialty insurance arm of Hannover Re.
  • UK insurer Brit reported to the London Stock Exchange this morning (1 February) that it expects to make a pre-tax profit of £60mn for 2005.
  • “Class of 2005” alumni Validus revealed today (31 January) a healthy start to life, underwriting $220mn of gross written premiums in its maiden 1 January renewal season. The announcement would seem to contradict recent widespread...
  • AIG was granted a restraining order on a CV Starr as the insurance giant seeks to defend its business in the New York Supreme Court. Judge Herman Cahn’s temporary order is in place until 2 February, when another hearing is scheduled.
  • Last autumn’s industry record hurricane losses triggered sharp increases in property rates in the fourth quarter of 2005, according to the latest RIMS Benchmark Survey from analysts at US firm Advisen.
  • On 26 January the UK Court of Appeal 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...