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.

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.

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

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".

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.

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

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.

Lloyd's insurer Creechurch Underwriting Ltd parted company with its chief executive Bruce Graham last week, replacing him on an interim basis with the group underwriting director David Pye.

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

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.

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

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.

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

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.

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.