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July 2006/4
  • Lancashire forms UK (re)insurer
    Bermudian-headquartered (re)insurer Lancashire Holdings Ltd is planning to form a UK licenced insurer, Lancashire Insurance Company (UK) Ltd (LUK).
    24 July 2006
  • Heritage replaces Rock with Jones
    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.
    20 July 2006
  • Heritage confirms August AIM float
    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.
    18 July 2006
  • Madsen joins Berkley
    US insurer WR Berkley announced last week that C. Fred Madsen has joined the firm as senior vice president of reinsurance operations.
    17 July 2006
  • Xchanging appoints new insurance head
    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.
    17 July 2006
  • Catlin US recruits Quanta team
    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.
    17 July 2006
  • Fitch removes ACE American Re's rating
    Fitch Ratings affirmed and then removed its insurer financial strength rating of CCC+ on the ACE American Reinsurance Company (AARe).
    17 July 2006
  • Flynn joins Towers Perrin
    Shaun Flynn, the recently departed managing director of AM Best International, has joined consultancy Towers Perrin as senior vice president of its reinsurance practice.
    17 July 2006
  • HCC acquires Kenrick
    US insurer HCC Insurance Holdings Inc announced last Thursday (13 July) that it has acquired the underwriting agency Kenrick & Associates as part of its ongoing acquisition strategy.
    17 July 2006
  • Ireland responds to criticism by adopting EU reinsurance directive early
    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.
    17 July 2006
  • Katrina causes fall in UK's financial services exports
    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.
    17 July 2006
  • Swiss Re to lose 2,000 jobs
    Swiss Re - the world's largest reinsurer - will lose 2,000 jobs following its acquisition of GE Insurance Solutions.
    17 July 2006
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