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July 2005/2

  • Amlin has walked away from its proposed bid for fellow Lloyd’s vehicle Chaucer.
  • Although the human cost of last Thursday’s (7 July) coordinated terrorist attack on London’s transport network was grave, the impact on the insurance industry is expected to be minimal, with most claims paid by UK government-backed mutual insurer Pool Re.
  • The UK quoted reinsurer Alea Group Holdings reassured shareholders that its 2005 business was continuing to perform “in line with its expectations” last week.
  • XL unveiled a further boost to its US reinsurance reserves last week, which included a $64.7mn pre-tax increase for its workers’ compensation reserves.
  • American International Group revealed last week that the former chairman of the US Securities & Exchange Commission Arthur Levitt has become the insurance giant’s special advisor to its Board of directors and the Board’s Nominating and Corporate...
  • UK insurer Royal & Sun Alliance received a fillip from rating agency Fitch Ratings last week when its financial strength rating was upgraded from BB+ to BBB.
  • 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.
  • Heath Lambert – the broker to London’s 2012 Olympics bid – had a double victory last week with news that it had also won a construction account from rival broker Aon following a tendering exercise.
  • Omega Underwriting Holdings plc has until the 1 August to table a fresh offer for its fellow Lloyd’s insurer Hardy Underwriting Group plc or withdraw its interest, according to a ruling from the London Stock Exchange Panel Executive.
  • Barbados headquartered Imagine Group confirmed last week that its president and founding chief executive Brad Huntington had stepped down from the organisation.
  • Jardine Lloyd Thompson plc has recruited the former chief executive of Guy Carpenter’s UK arm Keith Fenwick to the organisation, Insider Week can reveal.
  • Swiss reinsurer Converium has begun the search for a replacement to its chief executive Terry Clarke who stepped in earlier this year following the ousting of Dirk Lohmann in the wake of the company’s much publicised difficulties.
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