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.

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

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.

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.

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.

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

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.

A Federal jury ruled last week that Artemis SA – the holding company of French billionaire Francois Pinault – should pay $700mn over its role in the Executive Life scandal.