June 2006/1

Bermudian Allied World Assurance Holdings (AWAC) increased its first quarter profits by over 50 percent it announced on 30 May.

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".

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.

Lloyd's insurer Kiln predicted improvements for three of its four syndicates when it updated its syndicate forecasts on 31 May.

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

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.

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).

Dennis Kozlowski, the former CEO of manufacturing conglomerate Tyco, is seeking policy documents from Willis through the courts, as part of his bid to get an insurer to pay his $17.8mn legal bills.

Swiss Re is expected to complete its acquisition of GE Insurance Solutions next Monday (12 June), Insider Week can reveal.

Former Brit space underwriter Simon Clapham has been signed up by Sciemus Limited as director of insurance, initially to look after the LibSat satellite consortium contract with Liberty Syndicate Management.

A report by Lloyd's has warned (re)insurers that they must face up to climate change and manage risks from greenhouse gases and rising sea levels or they will not survive.

The Mineral Management Service (MMS) has said that the damage in the Gulf of Mexico caused by hurricanes Katrina and Rita could be worse than previously believed.