July 2005/5

UK insurer Hiscox has seen its share price rise by almost five percent this morning (28 July) on the back of a bullish trading statement.

Shares in UK headquartered broker Jardine Lloyd Thompson Group plc leapt almost 6 percent this morning on the London Stock Exchange following half-yearly results which contained no nasty surprises.

Bermudian insurer Quanta Capital Holdings Ltd has begun the search for a new chief financial officer following the departure of John Brittain Jr last week.

Seattle headquartered property/casualty insurer Safeco has announced that Mike McGavick, its chairman and CEO, will step down in August to enter politics.

Users of solvent schemes of arrangement as a solution to discontinued business suffered a setback last Thursday (21 July) when a High Court judge refused to sanction a scheme for the British Aviation Insurance Company (BAIC).

Aon is thought to have won part of the prestigious Exxon Mobil account from its rival Marsh, according to sources.

In the July edition of The Insurance Insider we incorrectly say that QBE’s European Commercial division and its European Retail division were to merge to create a single Dublin based operation.

Lloyd's insurer Heritage Underwriting Agency Ltd has terminated discussions with potential buyers of the business explaining that they “did not consider that any of the proposals received reflected the value of the business to all of its shareholders”.

Despite being at an all-time high, US shareholder class action settlements are continuing to rise because of the impact of the mega WorldCom and Enron cases which are setting new standards for shareholder compensation.

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 service.

A new research note from Shore Capital analyst Eamonn Flanagan has cast doubt on the rationale behind Omega’s bid for fellow Lloyd’s vehicle Hardy Underwriting.

Hannover Re has not always welcomed unsolicited financial strength ratings, but there was no comment from the German reinsurer last week following Fitch Ratings’ decision to assign an A+ to the company.