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July 2005/4

  • 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...
  • 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...
  • 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.
  • 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...
  • 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.
  • In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.
  • 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.
  • A programme of subordinated debt is offering a new route to capital for Lloyd's and London (re)insurers, The Insurance Insider can reveal.
  • Abacus Syndicates is bucking the trend among Lloyd's insurers, by applying to expand both its Syndicates' capacity next 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.
  • Lloyd's is planning to scale back the implementation of its Accounting and Settlement (A&S) project for the market as it looks to focus resources on the task of achieving contract certainty by the deadline of the end of next year imposed by...
  • 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.
  • 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.
  • 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.
  • The revolt of Goshawk's shareholders came to an abrupt end this month when the company's largest shareholders, Phoenix Asset Managers, failed to gain backing for any of its proposals at the company's AGM.
  • A judgement handed down in the UK's Court of Appeal on Carvill America v Camperdown has raised questions over whether reinsurers or reinsureds are liable to pay premiums to their brokers.