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June 2004/6

  • UK BPO specialist Xchanging has announced that it will move all its operations to 34 Leadenhall Street, replacing its current three office locations.
  • Global Aerospace Underwriting Managers (GAUM) CEO Tony Medniuk has started his reign as chairman of the International Underwriting Association (IUA) with a pledge to keep technology in the London Market at the top of the agenda.
  • Lloyd’s liability start-up Illium Syndicate 4040 announced last week (25 June) that it had added the experience of former BR Smith Syndicate 45 claims manager John Craig to its stable.
  • Serial disposer Royal & SunAlliance (R&SA) has announced the sale of the life and pensions divisions of its subsidiary Codan. R&SA, which owns 71.7 percent of Codan, said the sale would be to Danish life insurer SEB Trygg Liv and would net an estimate
  • Figures point to lower than expected softening on rates An upbeat trading statement from Lloyd's specialist insurer Kiln provided the impetus to a more than 7 percent share price rise last week after the company said premium rates were holding up bett
  • Shares in UK brokerage Jardine Lloyd Thompson (JLT) hit a three-year low last week on fears that the company’s profits would be hit by weaker than expected reinsurance volumes.
  • Bermudian reinsurer RenaissanceRe revealed last Wednesday (23 June) that stalwart and chief underwriting officer David Eklund has resigned from the group “to pursue personal interests”.
  • In its latest Sigma study, reinsurance giant Swiss Re notes that the direct insurance industry – now worth $2.94tn – is well on the road to recovery, and will continue to show improvement this year.
  • Lloyd's has undergone an impressive turnaround since September 11 and results are likely to remain strong through 2004, Marsh-owned reinsurance broker Guy Carpenter has concluded in its latest overview of the London insurance market.
  • The insurance and reinsurance sectors are the most exposed industries in the short term to increases in the prevalence of obesity, a new report from Dresdner Kleinwort Wassertein Research (DrKW) has concluded.
  • June has become a fertile month for catastrophe bonds with at least three $100mn+ contracts either signed or close to fruition.
  • Rising interest rates may cause up to a 3 percent reduction in the average US (re)insurer’s book value by the first half of the year, analysts at Morgan Stanley have warned.
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