July 2005/4

In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Lloyd's revealed this month was parting company with two more 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.

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.

Abacus Syndicates is bucking the trend among Lloyd's insurers, by applying to expand both its Syndicates' capacity next year.

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

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.

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.

In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

As broking margins face growing pressures, Aon Ltd may set a precedent by being the first London market broker to hive off its embedded legacy costs to a third party in a bid to save money, The Insurance Insider can reveal.

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.

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.

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.