July 2006/1

Rating agency Standard & Poor's (S&P) has described the old and "much-maligned Lloyd's accounting and reporting regime" as superior to the GAAP system imposed last year.

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.

Bermudian (re)insurer Allied World Assurance Company (AWAC) has appointed Susan Morgan as its senior vice president of Ceded Reinsurance.

Endurance Worldwide Insurance Limited, the London operation of the Bermudian (re)insurer Endurance Specialty Holdings, has gone live with Wildnet’s Wild Certainty system.

Lloyd's broker RFIB Group has recruited a new energy team as it seeks to build its presence in the sector.

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.

World's largest reinsurer Swiss Re announced last week that it has completed the sale of its stake in specialist financial services investment bank Fox-Pitt, Kelton (FPK) to its employees and a consortium led by hedge fund investor JC Flowers & Co.

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.

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.

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.

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.

US insurer HCC Insurance Holdings Inc has acquired Indianapolis-based Novia Underwriters for an undisclosed sum.