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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).
  • As revealed in Insider Week last Tuesday (30 May), Lloyd’s insurer Argenta Syndicate Management Ltd has parted company with its lead underwriter John Hyland after six years at the helm of its reinsurance focussed Syndicate 2121.
  • 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.
  • 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.
  • 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.
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