June 2005/1

Lloyd's reinsurer Advent Capital saw its share price rise by 7 percent on the first day of trading in the company’s stock on Friday, 3 June. Advent shares rose from their AIM debut of 35p to 37.5p, lifting the company’s market capitalisation to £82mn.

Rating agency Fitch has suggested the UK non-life market should enjoy the good times while it can, warning that the improving fortunes of the sector in the last two financial years are unlikely to be sustained.

Reinsurance giant Swiss Re announced last week that it is streamlining its reporting structures into three units in a bid to focus on "profitable growth and the efficient use of capital".

Lloyd’s investors will have a new method of underwriting at Lloyd’s from next year with news that the Treasury has approved the use of English Limited Liability Partnerships.

US insurer AIG has had its long-term counterparty credit and senior debt ratings lowered to "AA" from "AA+" by Standard & Poor's (S&P).

Brit Insurance Holdings has replaced Collins Stewart as its joint house broker and corporate adviser, only days after the stockbroking firm’s chief executive became embroiled in a war of words with the Association of British Insurers (ABI).