June 2004/3

UK broker Jardine Lloyd Thompson (JLT) has been voted European Commercial Broker of the Year, in a poll of more than 2,000 UK and European risk managers.

Run-off specialist Omni Whittington has announced the appointment of Harry Whitcher as the new compliance and risk manager for Reliance National Insurance Company (Europe) Limited.

Bruno Purro, chief risk officer at Swiss Re is to step down at the end of the year, to be replaced by Christian Mumenthaler, the giant reinsurer revealed last Thursday (3 June).

Moody’s and AM Best have respectively assigned A3 and BBB+ ratings to ACE INA’s proposed $500mn senior unsecured debt issue, announced last Wednesday (3 June).

US insurer Allmerica has announced the extent of likely incurred catastrophe losses following the recent spell of severe weather over the Michigan area.

Specialty property and casualty insurer Markel International has announced the launch of a new insurance product to cover professional karting circuits.

Standard & Poor’s (S&P) announced Thursday (3 June) it had affirmed Swiss reinsurer Converium’s ‘A’ long-term counterparty credit and insurer financial strength ratings after conducting a review. The group’s US operation Converium Holdings (North America)

Bermudian (re)insurer Arch Capital has announced that it will start to underwrite commercial business in the UK this week, after receiving a licence to do so from the Financial Services Authority (FSA).

SVB Holdings has appointed Stuart Quinlan to the newly-created post of underwriting development director at its specialist liability subsidiary, Novae Underwriting.

Ratings agency Standard & Poor’s (S&P) has warned reinsurers to hold firm when balancing demand from clients, brokers, and shareholders to sustain underwriting volumes, with the need to cut exposures as rates potentially drop off across a number of lines

Bermuda’s Everest Re had its A+(Superior) financial strength rating affirmed by AM Best last Wednesday (2 June). The agency also affirmed Everest Re’s debt ratings and extended the group’s financial strength rating to a previously unrated subsidiary Evere

Reinsurer broker Benfield has appointed Chris Cook to its aviation insurance team, where he will focus on major aviation risks.