June 2006/1

The proposed WFUM pool scheme of arrangement, involving 16 different insurance companies, was granted leave to convene creditors’ meetings by the UK High Court today (9 June).

Quanta Capital Holdings has signed heads of agreement with Chaucer Holdings and the senior underwriting team of its Syndicate 4000 to form a new Lloyd’s managing agent, Pembroke Managing Agency Limited.

AM Best has responded today (7 June) to Quanta Capital Holdings’s run-off plans by firstly downgrading the company’s ratings before withdrawing them altogether at the firm’s request.

Giant reinsurer Swiss Re announced today (7 June) that it has issued Successor, the latest in its series of cat bond programmes, as it continues to utilise the capital markets to offset risk.

South African broking group Alexander Forbes announced today (7 June) that its CEO is to step down, it is in discussions with potential private equity buyers of the company, and that it is looking at options for its...

Despite increasing asbestos reserves by another £128mn in the year to 31 March 2006, Lloyd’s pre-1993 run-off vehicle Equitas highlighted its progress in resolving claims with major policyholders as it released its financial results this morning (6 June).

Andrew Harding has been appointed chairman of the Marine Division of expanding insurance broker SBJ Limited.

Reinsurance broker Benfield Corporate Risk has opened its first Australian office. Based in Perth, the new office will focus on the development of specialty business in the energy, power and mining sectors.

London-based broking proposition Oxygen Holdings plc today (5 June) announced two new appointments adding extensive experience to its energy and property teams.

Rating agency Standard & Poor's (S&P) gave a preview of its updated risk-based capital model last week (1 June), saying that it does not see it as an "opportunity to raise the industry's overall capital requirements substantially".

Bermudian reinsurer Max Re last week filed its first quarter results, a move that should avert its delisting from the Nasdaq trading exchange.

Insurance giant Allianz unveiled the restructuring of its large corporate risks units this week while also confirming it was exiting marine reinsurance business after last year's destructive storm losses.