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.