June 2005/5

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.

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.

The extent of US regulatory interest into ACE Ltd was laid bare last week when the insurance group revealed it had handed over information on over a 100 different contracts.

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.