July 2005/4
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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.
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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.
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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.
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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.
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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.
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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.
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Integro Ltd, the Bob Clements' inspired broking start-up, has continued to find Marsh Inc fertile territory to harvest new recruits.
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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.
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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...
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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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Mutual insurer Equitable Life has dropped the lion's share of its case against its former auditor Ernst & Young (E&Y), reducing its claim for damages to £700mn against the original £2.05bn figure.
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The Insurance Insider can reveal that rating agency AM Best has lost a second key figure from its London office in six months, with the resignation of the well-regarded Jose Sanchez-Crespo from his position as general manager of its European Ratings...
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