January 2006/6

AXA has an optimistic outlook, such that “everything’s going its way” according to an analyst’s note on its 2005 revenue disclosure. After AXA reported 14 percent growth in its full year life new business by annual premium...

Lloyd’s insurer SVB has appointed Stephen Heming as head of Group Compliance and a director of underwriting. Previously Heming was compliance officer and company secretary at Illium Managing Agency and he has also held compliance posts...

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...

Lloyd’s “plumbing” system of outdated, paper-based processes is so unwieldy and inefficient and weighed down with the “sewage” of so many unsigned wording, delays and errors that its “customers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...

Sebastian Hueskes, managing director and general manager of Munich Re, UK General Branch, has joined the board of Illium Managing Agency as the German reinsurer’s representative. The appointment follows the previously reported co-insurance...

US insurer Markel weathered a record hurricane season to report full-year profits just 10.5 percent down for 2005 from $165.5mn in 2004 to $148mn. Net income per share dropped to $14.80 for 2005, but the figure was significantly...

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 1 February. XL Capital explained the decision was part of the group’s...

Latest estimates from the Insurance Services Office’s (ISO) Property Claims Service (PCS) of $56.8bn in insured property losses would confirm 2005 as a record year for payouts. The figure is more than double the previous record, set in 2004...

Bermudian Arch Capital announced on 26 January that it is to raise $200mn through a sale of Preferred Shares. The company stated that the purpose of the offering was to fund underwriting activities at its (re)insurance subsidiaries.

Broking giant Aon has said it intends to withdraw from business in Iran after concerns were raised by one of its major investors, New York City Pension Funds. The New York Comptroller William Thompson had questioned the broker’s...

XL Capital last week (26 January) announced it has appointed Eileen McCusker as chief operating officer (COO) for the UK and Ireland. McCusker, who has spent 15 years at XL, will report to XL Insurance...

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).