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.

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.

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.

Despite a softening market, Bermuda-headquartered (re)insurer Aspen last week (28 June) announced it expects its 2005 gross written premiums to be 20 to 25 percent higher than in 2004.

World’s second largest broker Aon has appointed Michael Reynolds as chief financial officer of Aon Re International (ARI) and Aon Re UK, in addition to his role as CFO for Aon Captive Services Group.

Lloyd’s insurer SVB Holdings plc has cut the cost of its capital after arranging new banking facilities with Lloyd’s TSB.

Lloyd's insurer Chaucer has said it aims to acquire the balance of £7.9mn of capacity on Syndicate 1084 through its subsidiary ALIT (No. 1) Limited.

The Pension Protection Fund (PPF) has confirmed that the three pension schemes of insurance broker Heath Lambert have entered into an assessment period.

Uncertainty over the future of the federal backstop for insurance cover against acts of terror grew in Washington last week as US Treasury Secretary John Snow stated that the Terrorism Risk Insurance Act (TRIA) should not be renewed in its current form.

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).