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.

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.

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.

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.

Shaun Flynn, the recently departed managing director of AM Best International, has joined consultancy Towers Perrin as senior vice president of its reinsurance practice.

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.

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

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.

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...

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.

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.

Pick up Heath Lambert Group on the cheap and become the UK's second largest (re)insurance broker?

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.

US insurer WR Berkley announced last week that C. Fred Madsen has joined the firm as senior vice president of reinsurance operations.