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June 2005/3

  • International Underwriting Association (IUA) member companies are submitting market placing slips to a voluntary audit in a bid to boost London’s business process reform programme.
  • Broker Willis has pointed to a continued weakening of rates in its latest overview of the world energy market.
  • Ratings agency Standard & Poor's (S&P) has revised its outlook on leading Russian commercial underwriter Ingosstrakh Insurance Co to positive from stable, following improved risk in its investment portfolio. The company has also had its “BB” long-term...
  • Start-up broker Integro has announced the appointment of John Chippindale as managing director and president of Integro’s newly opened Canada office.
  • US life insurer UnumProvident and a unit of US broker Hilb, Rogal &Hobbs (HRH) will pay $1.3mn to the Commonwealth of Massachusetts to resolve allegations that the insurer paid hundreds of thousands of dollars in undisclosed commissions in fee only...
  • Acquisitive broker Oval Limited continued on its expansion path last week with the announcement that it has agreed to buy independent Lloyd’s broker Lochain Patrick, subject to regulatory approval.
  • Despite fears of falling rates, Lloyd’s insurer Beazley gave a relatively upbeat assessment of market conditions at its Annual General Meeting today (20 June).
  • Controversial financier Andrew Regan withdrew from tabling a bid for Royal & Sun Alliance (R&SA) on Friday blaming lack of enthusiasm from the UK insurer’s management.
  • Another batch of subpoenas were issued by US regulators last week to US and Bermudian (re)insurers over the potential abuse of finite reinsurance products.
  • Litigants in Aon 77, the long running energy reinsurance dispute, have been granted leave to appeal, Insider Week understands.
  • Giant reinsurer Swiss Re told its investors last week (15 June) that it continues to see favourable conditions in the property casualty business it writes, and expects to meet its combined ratio target of 96 percent for the year.
  • Fellow Lloyd’s insurers Hardy Underwriting Group plc and Omega Underwriting Holdings plc remain in merger talks despite the failure of two approaches.