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July 2006/1

  • UK general insurer Aviva plc revealed today (7 July) that it is in talks with AmerUs Group over the potential acquisition of the $2.3bn or £1.3bn valued US life insurer.
  • New York based Tower Group Inc revealed on 6 July that it will write down $5.4mn on its balance sheet after commuting its outstanding liabilities with the near-defunct Bermudian reinsurer, PXRE Group.
  • Liberty Syndicates – one of the largest Lloyd’s (re)insurers – has parted company suddenly with its managing director Sean Dalton and head of underwriting Andrew Elliot, The Insurance Insider can reveal.
  • French (re)insurer SCOR has agreed to buy German life reinsurer Revios in a $775mn transaction.
  • Jardine Lloyd Thompson Group plc – the broking group in talks to take-over UK rival Heath Lambert Group – is to appoint a new finance director.
  • UK-listed broker Jardine Lloyd Thompson Group plc (JLT) has confirmed in a short statement to the London Stock Exchange this morning that talks are ongoing with rival Heath Lambert Group over a potential takeover.
  • ACE Ltd has finally received approval from the Pennsylvania insurance commission to spin-off some of its asbestos-riddled subsidiaries to the UK run-off company, Randall & Quilter Investment Holdings Ltd.
  • Mark Cloutier, the head of run-off at the defunct reinsurer Alea Group Holdings, will replace Marc Ricciardelli as the company chief executive from 1 September.
  • Shares in UK broker Jardine Lloyd Thompson Group plc (JLT) leapt almost ten percent this morning in the light of its expected acquisition of rival Heath Lambert Group plc and news from the US suggesting Willis...
  • Insurance broker Willis Group Holdings Ltd cancelled a $300mn debt issue last week - a move that has led to speculation the firm is again considering a significant acquisition.
  • UK-quoted Hiscox Insurance Co has appointed Callum Taylor as Directors & Officers (D&O) underwriting manager.
  • Executives in the insurance sector predict consolidation will accelerate faster in international markets than in the United States, according to a survey by accountancy firm KPMG.