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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.
  • 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.
  • A leading insurance analyst has warned that Willis Group might miss its "optimistic" earnings per share target.
  • Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) launched its IPO last Wednesday (12 July) priced at $34 a share.
  • UK general insurer Aviva's shares continued to slip late last week after it announced on Thursday (13 July) that it has agreed a deal with AmerUS Group Co (AmerUs) to buy the US company for around $2.9bn (£1.6bn) in cash.
  • Lloyd's insurer Heritage Underwriting Agency plc plans to make its debut on the Alternative Investment Market (AIM) next month, according to reports in The Daily Telegraph last week.
  • 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.
  • The Irish government said it had signed the European Union's Reinsurance directive early to show its commitment to having a well-regulated reinsurance industry operating from Dublin.
  • Swiss Re - the world's largest reinsurer - will lose 2,000 jobs following its acquisition of GE Insurance Solutions.
  • 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.