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July 2005/1

  • Share prices in Lloyd's (re)insurers have fallen sharply in response to the explosions which rocked London this morning.
  • David Spiller has resigned from his position as CEO of Benfield Group's International Division, the company announced in a statement to the London Stock Exchange this morning (7 July).
  • Lloyd’s is parting company with two senior executives as part of a restructuring that will see the Corporation move further away from a regulatory emphasis to one of operational risk management.
  • After finally filing its long delayed 2004 10-K report at the end of May, world's largest insurer AIG continued to play catch-up with the Securities and Exchange Commission (SEC), delivering its first quarter 2005 results last Tuesday (27 June).
  • Willis chief executive Joe Plumeri has earned around $50mn this year from selling over a third of his holding in Willis, the broker he has revitalised since joining in 2000.
  • Australian regulator the Australian Securities and Investments Commission (ASIC) announced last Thursday (30 June) that it had uncovered no evidence of systemic abuses of broker remuneration practices of the kind exposed by the Spitzer probe in the US.
  • Reinsurance broker Benfield’s strategy of growing its corporate primary business received a fillip with news that it has won the Seacor account from rival Marsh.
  • Lloyd's underwriter Hardy has provided details of the shareholders backing it in fending off the unwelcome attentions of fellow Lloyd's insurer Omega.
  • German reinsurer Hannover Re has revealed plans to realign its under performing US subsidiary Clarendon away from program business to specialty insurance, potentially cutting gross premiums by $1bn and increasing group net retention to 80 percent over...
  • Jardine Lloyd Thompson admitted last week that it will again start charging placement service agreement (PSAs) revenues because of a lack of a "level playing field".
  • Start-up broker Integro Ltd has added to its growing roll call with the appointment of Craig Lowenthal as managing director and chief information officer.
  • Ratings agency AM Best has affirmed its syndicate rating of “A” (Excellent) and the issuer credit rating of “a” of Markel managed Lloyd’s Syndicate 3000, with both ratings on a stable outlook.
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