June 2004/6

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.

UK BPO specialist Xchanging has announced that it will move all its operations to 34 Leadenhall Street, replacing its current three office locations.

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.

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”.

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.

Despite operating momentum building from last year into first quarter 2004 results, the property/casualty industry faces its biggest challenge in its ability to maintain underwriting discipline as premiums fall off and surplus levels rise, according to AM

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.

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.

June has become a fertile month for catastrophe bonds with at least three $100mn+ contracts either signed or close to fruition.

World’s third largest broker Willis announced last Wednesday (23 June) that it has reached an agreement in principle to buy a majority shareholding in Irish broker Coyle Hamilton, and to buy the outstanding interest over the next few years.

Lap dancing group Spearmint Rhino is in dispute with German insurer Allianz for non payment of claims, Insider Week has learned, with legal teams representing both companies appearing in London’s Royal Courts of Justice last week to agree a timetable for