June 2005/2

Fellow Lloyd's insurers Hardy Underwriting Group plc and Omega Underwriting Holdings plc remain in merger talks despite the failure of two approaches.

Jeremy Pinchin, the head of Reinsurance and Claims at the Society and a senior member of the Franchise Performance directorate, has resigned from Lloyd’s.

French reinsurer SCOR last Friday (10 June) announced restructuring plans, reflecting the change in its profile brought about by the so-called “Moving Forward” plan actioned by the group in August last year to continue its recovery.

Switzerland based (re)insurer Zurich Financial Services (ZFS) has appointed Jane Tutoki as its new group chief claims officer for the general insurance business.

A week after publishing a relatively upbeat trading statement, London-listed Bermudian Alea had its "A-" AM Best financial strength rating and "a-" credit rating put under review with negative implications on Friday (10 June).

Merrill Lynch analyst Blair Stewart has reaffirmed his “buy” recommendation on Paris based (re)insurance giant Axa, while also increasing its price objective by 4 percent to EUR25.

American International Group (AIG) disclosed last week that Howard I Smith, the company's former chief financial officer, has resigned from its board.

Broking start-up Integro has announced the appointment of five senior executives to its US operations.

Lloyd’s members’ agency CBSPC has launched a new investment fund for private capital.

Reinsurance broker Benfield Group has warned that 2005 profits will be lower than last year because of an increasing cost base.

The FBI has placed insurance fraud high on its agenda because of the size of the industry, according to its 2005 Financial Crimes Report released last month.

FM Global announced last week its first involvement with catastrophe bonds after Goldman Sachs placed a $300mn bond covering earthquake activity in the Northwest region of North America.