July 2006/4

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.

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.

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

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

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.

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.

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.

Insurance Capital Partners - a Lloyd's investment fund launched last year - plans to float on the London Stock Exchange's Alternative Investment Market (AIM) later this month in a bid to raise £100mn.

Aon Ltd has become so synonymous with Dennis Mahoney - effectively the chief executive of its London operations since 1984 - that until recently it was difficult to imagine the two apart.