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.

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.

Broker Heath Lambert has announced the appointment of Jean-Michel Lewis and Nigel Earle as directors.

Patrick Mina, the current head of Client and Market Services in the UK, has been appointed to the newly created role of Head of International Client and Market Services.

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.

Allstate Corporation, the second largest property and casualty insurer in the US, has beaten consensus forecasts to post an 11 percent increase in Q2 2005 earnings, helped by benign catastrophe losses and strong premium growth.

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

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.

ACE Ltd is restating its financial results for the last five years after an internal investigation discovered that eight finite risk contracts have been accounted for incorrectly.

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”.

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.