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.

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.

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.

RenaissanceRe confirmed today that it has parted company with Michael Cash, an executive in its specialty reinsurance unit...

UK listed insurer Brit Insurance Ltd has welcomed the affirmation of its financial strength and credit ratings by AM Best.

ACE unveiled a series of management reshuffles last week in both its primary and reinsurance operations.

Hurricane Dennis swept into Florida over the weekend wreaking widespread devastation in its path. But despite following a similar trajectory to last year’s Hurricane Ivan, most experts predict the (re)insurance bill will be significantly lower than the...

Barbados headquartered Imagine Group confirmed last week that its president and founding chief executive Brad Huntington had stepped down from the organisation.

GoshawK Insurance Holdings – the owner of Bermudian reinsurer Rosemont Re – revealed today that it has expanded its book by around 35 percent this year.

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.

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.

French insurance giant AXA has had the financial strength rating of its reinsurance subsidiary AXA Re upgraded from A- to A by AM Best, partly as result of its decision to lend the company EUR150mn to boost its capital.

Nigel Barton’s greenfield insurance intermediary Oxygen Insurance Brokers has signed up its first heavyweight London market broking teams.

Jardine Lloyd Thompson Group (JLT) plc’s wholesale broker Lloyd & Partners announced on Friday (8 July) two key appointments to its expanding property team, with the arrival of Derek Hansen and Adrian Godlieb from rival Price Forbes.

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 last Thursday (7 July).