July 2006/4

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.

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

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.

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

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.

Despite the announcement last week that takeover talks between Jardine Lloyd Thompson Group plc (JLT) and Heath Lambert Group had ended, it's still conceivable that neither firm will be independent in a year's time as brokers find the search for growth...

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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.

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.

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.