July 2006/3

UK general insurer Aviva’s shares continued to slip today (13 July) after it announced that it has agreed a deal with AmerUS Group Co (AmerUs) to buy the US company for around $2.9bn (£1.6bn) in cash.

Specialist (re)insurance IT solutions provider Sequel Business Solutions has signed up Willis group Services in a significant deal that will see the world’s third largest broker use its Eclipse Broking solution.

Reinsurance broker Benfield has announced that it is ready to process live risk messages with the G6 group of Lloyd’s insurers after implementing its peer-to-peer standard messaging system.

Shares in broker Jardine Lloyd Thompson Group plc (JLT) have dropped 12 percent this morning (13 July) after news that its possible takeover of rival Heath Lambert Group had fallen through.

Lloyd’s Central Fund contributions and subscriptions charges will be held steady for 2007, but the Society believes it will be in a position to cut the Central Fund levy for 2008 – a year ahead of original forecasts.

Bermudian reinsurer Allied World Assurance Company Holdings (AWAC) announced today (12 July) that shares for its IPO will be priced at $34.

Fitch Ratings affirmed and then removed its insurer financial strength rating of CCC+ on the ACE American Reinsurance Company (AARe).

The far-reaching affects of Hurricane Katrina were felt in the UK’s financial services industry last year, where net exports dropped for the first time in a decade.

Insurance Capital Partners – a Lloyd’s investment fund launched last year – plans to float on the London Stock Exchange’s Alternative Investment Market (AIM) later this month in a bid to raise £100mn.

Swiss Re - the world's largest reinsurer - will lose 2000 jobs following its acquisition of GE Insurance Solutions. The reinsurer said it has already reduced 250 positions, many at “management level”.

Shaun Flynn, the recently departed managing director of AM Best International, has joined consultancy Towers Perrin as senior vice president of Reinsurance.

Former Lloyd's underwriter and insurance arbitrator Mel Goddard is to join the Lloyd's Market Association (LMA) as the Director of Underwriting.