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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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...

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

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.

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

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

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.

Bermudian-headquartered reinsurer Imagine Group Holdings is heading towards a 2007 court battle with its former president and founding chief executive Brad Huntington.

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.

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.

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.