July 2006/4

Bermudian-headquartered (re)insurer Lancashire Holdings Ltd is planning to form a UK licenced insurer, Lancashire Insurance Company (UK) Ltd (LUK).

Lloyd’s insurer Heritage Underwriting Agency plc has this morning (20 July) named its new active underwriter on Syndicate 1200 as Nick Jones, promoted to replace the recently departed Les Rock.

Lloyd’s insurer Heritage Underwriting Agency plc confirmed this morning (18 July) its intention to float on the Alternative Investment Market (AIM) of the London Stock Exchange, with shares trading from 1 August.

US insurer WR Berkley announced last week that C. Fred Madsen has joined the firm as senior vice president of reinsurance operations.

Bermuda-headquartered Catlin Group announced on 12 July that its subsidiary Catlin US has opened a New York office staffed by an 11-member professional liability underwriting team, headed by senior vice president John Van Decker.

The insurance industry continued its drive towards improved capitalisation and profitability as worldwide premiums reached $3,246bn last year, according to research from Swiss Re.

Aon Ltd has become so synonymous with Dennis Mahoney - effectively the chief executive of its London operations since 1984 - that until recently it was difficult to imagine the two apart.

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.

After just over a year in the role Roger Townsend has been replaced as executive director of insurance sector by Steven Beard at the London market back-office provider Xchanging.

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

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

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.