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July 2006/2

  • S&P reassesses syndicate ratings; UK start-up begins trading; FSA consults on special purpose vehicles; RFIB recruits energy team; Insurers dealt UK asbestos blow; Omega upbeat; Ward targets change with reshuffle; et al.
  • Creechurch Underwriting Ltd - the Lloyd's insurer which parted company with its chief executive last month - has been put up for sale, The Insurance Insider can reveal.
  • 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.
  • Total capacity at Lloyd's may rise next year after the first round of syndicates made their 2007 business forecasts.
  • Over 1,000 Lloyd's Names have launched a £1bn class-action style legal case against the UK government, led by the militant Names campaigner Christopher Stockwell.
  • Aon's announcement that it will have the ability to trade electronically across all its London market lines of business by the end of the year marks a "huge cultural shift", according to the driving force behind process reform at the broker.
  • Insurance service provider Whittington surprised the market last month by agreeing the sale of its newly established Lloyd's managing agency and specialist Asian syndicate, Alba, to Insurance Australia Group (IAG).
  • White Mountains raises storms bill by $200mn; Imagine heads for court date with former CEO; River Re licensed in Barbados; Glacier Re mounts defence of under review rating; NAIC vote moves to end US collateral requirements; et al.
  • The protracted fallout caused by Maurice "Hank" Greenberg's March 2005 departure from giant US insurer American International Group (AIG) continues both in and out of the US courts.
  • Bavarian-based (re)insurance giant Munich Re moved a step closer to restoring its once cherished double A rating on 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.
  • Rating agency Standard & Poor's (S&P) says that more (re)insurers are likely to become insolvent as Solvency II puts the industry through a "revolution".
  • French (re)insurer SCOR has agreed to buy German life reinsurer Revios in a $775mn transaction.
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