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.

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...

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.

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.

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.

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.

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.

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 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.