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July 2005/4

  • Hiscox plc has become the latest Lloyd's insurer to expand its presence in the US with a 19 July announcement that it has made three key appointments to its proposed New York office, due to open up early 2006.
  • 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.
  • After a flurry of excitement in the Lloyd's listed sector, advocates of consolidation among the market's players were dealt a blow this month, with the news that Amlin has walked away from its proposed bid for fellow Lloyd's vehicle Chaucer.
  • The Lloyd's Franchise Board has been granted more time to consider raising the Central Fund levies next year in a move which may prove unpopular with the insurers who trade in the market.
  • ACE's Bermudian contemporary XL continues to suffer its own legacy issues, unveiling a further boost to its US reinsurance reserves this month, which included a $64.7mn pre-tax increase for its workers' compensation reserves.
  • Leading Lloyd's IT provider Room Solutions has blamed slow take up of a major new investment project for contributing to a £1mn loss for the year.
  • Hurricane season earlybirds hit US and Mexico Barely a month into the hurricane season and two major storms have already made landfall in the south east United States and Mexico.
  • Integro Ltd, the Bob Clements' inspired broking start-up, has continued to find Marsh Inc fertile territory to harvest new recruits.
  • In what was a relatively uneventful month, world's largest insurer AIG continued to play catch-up with the Securities and Exchange Commission (SEC), delivering its first quarter 2005 results on 27 June.
  • 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...
  • French reinsurer SCOR has successfully raised a total of EUR233.2mn from the issue of 149.5mn shares (after full exercise of over-allotment option), with the majority of the gross proceeds going to buy back the remaining shares of Irish subsidiary IRP.
  • World's largest reinsurer Munich Re has met with a mixed response from ratings agencies following its 19 July announcement that it has increased reserves at its US subsidiary American Re by $1.6bn, cutting group second quarter earnings by EUR0.4bn...
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