June 2006/1

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.

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).

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...

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.

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).

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.

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.

The Atlanta-based American International Aviation Agency (AIAA) has re-branded itself as part of moves by CV Starr & Co's agencies to distance themselves from their previous relationships with American International Group (AIG).

The independent London market broker Glencairn Ltd has parted company with its compliance officer Chris Goodeve-Ballard.

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.