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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.
  • 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...
  • 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.
  • 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).
  • Swiss Re is expected to complete its acquisition of GE Insurance Solutions next Monday (12 June), Insider Week can reveal.
  • The $100bn+ hurricane loss that could send as many as 50 insurers to the wall is "not far down the road" according to a report from rating agency AM Best.
  • Bermudian Allied World Assurance Holdings (AWAC) increased its first quarter profits by over 50 percent it announced on 30 May.
  • With the 2006 FIFA World Cup due to start on Friday (9 June) in Germany, insurance broker Aon has released a report identifying risks associated with the tournament.
  • Start-up UK insurer Novae Insurance Company Ltd announced last Thursday (1 June) that it has received an A- rating from a "leading rating agency".
  • 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".
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