January 2007/4

Bermudian-domiciled (re)insurer is to launch a $30mn offshore energy account for its Lloyd’s Syndicate 958 this year, it announced in a trading statement yesterday (16 January).

ACE European Group announced a series of changes to its management personnel and structure on 10 January.

Catlin Group Ltd says the integration of Wellington Underwriting has gone well with more business retained than expected and only a small number of unplanned resignations from key staff.

German giant Munich Re is on track for 2006 after-tax profits of EUR3.2bn to EUR3.4bn, according to its chairman Nikolaus von Bomhard in an investor conference last week (9 January).

Lloyd's broker RFIB Group announced the appointment of Bob Naudi as a consultant on 12 January as it continues to bolster its Middle East operations.

Mark Adams has joined "big four" accounting firm Deloitte as a partner in the Reorganisation Services practice where he will lead the insurance restructuring team.

ACE Tempest Re Group, part of ACE Limited, announced the establishment of ACE Tempest Re Canada on 8 January.

Enterprise Risk Management (ERM) will have a significant impact on cycle management, according to Mike Belfatti of consultancy Tillinghast's North American property/casualty ERM practice.

US insurer State Farm Fire & Casualty Co has been ordered to pay $2.5mn in punitive damages to a couple in Mississippi by a jury.

After nine years at the Corporation, Lloyd’s director of Worldwide Markets, Julian James, is returning to the broking industry after announcing he is to join Lockton International.

Andrew Moss, the former Lloyd’s finance director, was the surprise choice to replace retiring Aviva chief executive Richard Harvey later this year.

The Market Reform Group (MRG) has set a target of three years for the London market to electronically handle all risk submissions, claims and accounting and settlement.

Class of 2005 alumnus Lancashire Holdings Ltd has received a strong endorsement from analysts at stockbroker Numis Securities, who initiated coverage on the (re)insurer with a "BUY" recommendation.

Lloyd's based (re)insurer Amlin plc) that its Bermudian reinsurance operation has written $87mn of business this year, a 58 percent increase on the same point last year.

Accounting firm Deloitte has reached a $149mn settlement with Parmalat over lawsuits accusing it of contributing to the dairy company’s 2003 collapse.

Casino mogul Steve Wynn has described an offer from Lloyd's insurers to settle his $54mn claim for a damaged Picasso masterpiece as "ridiculous" and taken underwriters to court.

Run-off company Tawa Management Ltd, part of the Tawa Group, has announced that David Vaughan succeeded Philip Singer as its CEO on 1 January.

CastlePoint Holdings Ltd, the Bermuda based (re)insurer formed last year by the US investment bank Friedman Billings Ramsey, plans to list on Nasdaq through an initial public offering (IPO).

Marsh Inc has confirmed the launch of MaRI (Marsh Risk Innovations), a proprietary sidecar facility providing much needed US property catastrophe coverage.

Affirming Swiss Re's position as a leading distributor of risk to the capital markets is the Vita Capital III securitisation which saw the reinsurer recently issue $700mn of mortality catastrophe notes.

Michael Mendelowitz has become the latest partner from Barlow Lyde & Gilbert's (BLG) reinsurance and international risks team to leave the law firm, with the news that he is to head the contentious insurance...