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.

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.

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.

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.

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.

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

Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) launched its IPO last Wednesday (12 July) priced at $34 a share.

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.