June 2005/5

Hardy underwriting has announced the termination of merger talks with fellow Lloyd’s insurer Omega.

European non-life insurers are set for record profits in 2005, according to the latest quarterly report from ratings agency Standard & Poor's (S&P), entitled “Industry Report Card: European Insurance”.

French reinsurer SCOR has successfully raised a total of EUR233.2mn from the issue of 149.5 million shares (after full exercise of over-allotment option), with the majority of the gross proceeds going to buy back the remaining shares of Irish subsidiary I

Lloyd’s listed insurer Hiscox last week (21 June) described rates as “strongly profitable”, despite more competitive conditions, but said that it is likely to reduce capacity on its Syndicate 33 for next year, from £775mn to £650mn.

Lloyd’s based electronic data transfer initiative Kinnect has confirmed that Beaufort Underwriting Agency Ltd has signed contracts to become its 20th customer.

UK broker Jardine Lloyd Thompson Group (JLT) plc is attempting to build bridges with the investment community by appointing former CAI Cheuvreux analyst Barrie Cornes as head of its investor relations team, Insider Week can reveal.

As the market continues to soften, a divide is emerging among European reinsurers, with stronger companies unencumbered by recent problems outpacing their peers, according to Benfield’s latest quarterly report on the sector.

Australia headquartered (re)insurer QBE is set to merge its European commercial and European divisions to create a single Dublin based operation.

Start-up broker Integro has maintained the momentum of the past few weeks with news of another key hiring.

Lloyd’s liability specialist Illium Insurance is set to expand into commercial motor insurance next year after recruiting former Equity Red Star underwriter John Shepherd.

In a day of flux for the London Market insurance sector, Lloyd’s motor underwriter Cox has confirmed the appointment of Highway CEO Andrew Gibson as its new finance director.

Spanish insurance group Mapfre bought the UK intermediary Abraxus last week for £10.5mn.