July 2007/6

QBE has demanded major reform at Lloyd’s after complaining that the Society’s members’ agents refused to recommend an increased bid to buy out Names’ capacity on its flagship Syndicate 386.

Shares in Lloyd’s (re)insurer Beazley Group plc rose by almost 6 percent this morning (30 July) as it reported a doubling of profits in the first half of 2007 on the back of income growth, low claims and rising investment income.

Retro specialist John Bassett has been linked with a return to reinsurance broker Guy Carpenter after parting company with Bermudian Montpelier Re, Insider Week sources can reveal.

The final cost of this summer’s UK floods on the reinsurance industry is still unknown but there is little doubt that they will be treated as at least two distinct losses.