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.

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

A leading insurance analyst has warned that Willis Group might miss its "optimistic" earnings per share target.

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.

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.

Swiss Re - the world's largest reinsurer - will lose 2,000 jobs following its acquisition of GE Insurance Solutions.

Monument is to be renamed under new management after a strategic review by its Bermuda-based parent the Primary Group that will see the troubled Lloyd's broker cease to place business sourced from unaffiliated companies.

Bermudian broker The Park Group has announced a number of management changes including the promotion of Michael Jenkins to deputy chairman of Park Bermuda Ltd.

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.