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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.
  • 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.
  • French (re)insurer SCOR has agreed to buy German life reinsurer Revios in a $775mn transaction.
  • 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.
  • Failed (re)insurer GoshawK last week released its 2005 preliminary results, revealing an after-tax loss of $140mn and warning that further deterioration in Hurricane Wilma losses would not be covered by its reinsurance protection.
  • Bavarian-based (re)insurance giant Munich Re moved a step closer to restoring its once cherished double A rating last Tuesday (27 June), with the news that Standard & Poor's (S&P) had revised its outlook on the company's A+ rating from stable to positive.
  • Bermudian (re)insurer Allied World Assurance Co (AWAC) is set to continue its capital building strategy after its forthcoming initial public offering (IPO) with the issue of $500mn senior notes.
  • Broker Aon Corp has agreed to sell its warranty arm to Canadian conglomerate Onex Corp in an estimated $710mn deal.
  • Political risk reinsurers need a boost in capacity from both the capital markets and traditional reinsurance markets, according to a report by broker Willis Re.
  • Start-up UK insurer Novae Insurance Company Ltd, which is part of newly rebranded Novae Group, started trading today (3 July).
  • Companies that act quickly and efficiently in managing a crisis through a product recall will gain consumers' confidence and enhance shareholder value, according to broker Marsh.
  • A memorial service for the victims of the 7/7 2005 terrorist bombings in London will be held in the City on Friday 7 July.
  • Lloyd's broker RFIB Group has recruited a new energy team as it seeks to build its presence in the sector.
  • The Financial Service Authority (FSA) published reports last week on "better regulation" and the associated costs as it seeks to improve and streamline its activities.
  • US insurer HCC Insurance Holdings Inc has acquired Indianapolis-based Novia Underwriters for an undisclosed sum.
  • Bermudian (re)insurer Allied World Assurance Company (AWAC) has appointed Susan Morgan as its senior vice president of Ceded Reinsurance.