January 2006/6

Lloyd’s “plumbing” system of outdated, paper-based processes is so unwieldy and inefficient and weighed down with the “sewage” of so many unsigned wording, delays and errors that its “customers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

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).

Bermudian reinsurer Montpelier Re has appointed two former ACE staff to senior management positions, it announced on 26 January. William Pollett will become treasurer and senior vice president at Montpelier at the beginning of February.

Reinsurer Platinum Underwriters Holdings announced last Thursday (27 January) the appointment of Robert Porter as CEO of its Bermudian subsidiary Platinum Underwriters Ltd. Porter moves over from Platinum’s UK reinsurance operation...

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...

UK insurer Brit has today (30 January) seen its stock climb back up to the 94p 52-week high it hit on 6 January this year. The company’s share price had fallen away by 7p to 87p by 25 January, but has...

Freezing weather conditions in Europe have killed dozens from exposure, caused a building to collapse in Poland and wreaked havoc on roads over the last week. The extreme weather conditions hit the (re)insurance sector at its most nervous...

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 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...

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...

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...

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...