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January 2007/6

  • German insurance giant Allianz today (31 January) reported losses of up to EUR230mn caused by Windstorm Kyrill earlier this month.
  • Converium Holdings’ chief executive Inga Beale has continued to re-shape the resurgent company’s senior management with the appointment of Jakob Eugster from Benfield.
  • Bodies representing the reinsurance industry have responded to criticism over their lobbying of Florida lawmakers that last week passed legislation significantly disintermediating the role of property reinsurers in the state.
  • Bank of America has launched a Lloyd's syndicate specialising in writing long-tail lines, our sister title The Insurance Insider revealed this morning (29 January).
  • Royal & Sun Alliance Insurance Group plc (R&SA) won a significant victory in its acrimonious battle with General Motors last week after a Michigan Circuit Court ruled...
  • The London market has to be "willing to strive, to improve, to challenge, to change" if it wants "all roads in insurance to lead to London", according to Dan Glaser.
  • A record capacity of £16.1bn for 2007, up 9 percent from last year’s £14.8bn, is proof that Lloyd’s remains an attractive proposition for investors, according to rating agency Standard & Poor’s (S&P).
  • The Insurance Insider’s surveys have always provided an invaluable snapshot of key industry issues and we would be delighted if our readers will again spare a few moments of their time.
  • The European windstorm Kyrill may trigger Munich Re’s EUR110mn cat bond, Aiolos, as the reinsurer announced last week that its losses from the storm may be in the region of EUR600mn.
  • State-founded Citizens Property Insurance – already the largest insurer in Florida – is likely to gain an even bigger share of the market as a result of legislation signed into law by Governor Charlie Crist on Friday.
  • The reinsurance market was hit last week with news that legislation has been passed in Florida that will disintermediate significant reinsurance capacity in the state, the most profitable in the property catastrophe sector.
  • Hannover Re expects its losses from Windstorm Kyrill to be between EUR120-180mn before tax with an overall industry loss estimated at EUR4-7bn.
  • The Financial Services Authority (FSA) acknowledged last week that the UK insurance industry has met the challenge set by the regulator to achieve contract certainty.
  • Broking giant Aon Corp confirmed last week that it is to lose 550 jobs in its US operations as part of its ongoing efficiency drive.
  • David Margrett, the former group chief executive of Heath Lambert, is to take over as chairman and CEO of Willis Ltd, the broker's UK operation.
  • Morgan Keegan insurance analyst and long-term bear of Canadian combine Fairfax Financial Holdings, John Gwynn, has announced that he is dropping the company from his coverage due to a stock manipulation lawsuit.
  • The specialty insurance group Markel Corporation unveiled its 2006 results last week which saw the group’s combined ratio fall to a mere 87 percent while investment earnings leapt to an impressive $160mn.
  • Benign catastrophe conditions contributed to US insurer The Hartford Financial Services Group reporting record fourth quarter net income of $783mn, or $2.42 a share, and full year 2006 net income of $2.7bn – a 21 percent increase on 2005.
  • After a year-and-a-half long investigation, the European Commissioner for Competition Neelie Kroes published her preliminary findings into the business insurance sector last week which raised concerns...
  • Benfield Group has appointed Jeremy Goodman to a senior position in its facultative operations, as it attempts to fill the void left by the high-profile defection of Elliot Richardson and a number of his team to rival Aon last September.
  • MBIA Corp became the latest US insurance group to settle regulatory investigations into its past transactions.
  • Marsh Inc has been awarded China’s first Wholly-Owned Foreign Enterprise (WOFE) insurance broking license, the broking giant confirmed last week.
  • London market brokers are pushing for Lloyd’s to mandate change in a push to see all claims processed electronically by the end of the year.
  • Munich Re said its pre-tax losses from the European Windstorm Kyrill will be around EUR600mn and estimated the overall market loss at EUR5-7bn.
  • Law firm Barlow Lyde & Gilbert (BLG) is to strengthen its five-partner aerospace team with Neil McGilchrist and associates Anna Anatolitou and Maria Galan joining next month from Gide Loyrette Nouel.
  • Aon Corp unveiled a significant restructuring of its senior international management last week which saw the veteran London head Dennis Mahoney relocate to Bermuda.
  • German reinsurer R+V has been awarded £14mn, plus interest, in its long-running dispute with the former Lloyd’s-based managing agency Risk, Insider Week can reveal.