June 2006/2

The proposed WFUM pool scheme of arrangement, involving 16 different insurance companies, was granted leave to convene creditors' meetings by the UK High Court on 9 June.

Key parties in the London market, including the London Market Association (LMA), and the G6 have welcomed Lloyd's CEO Richard Ward's contract documentation initiative, which was announced on 22 May.

Giant reinsurer Swiss Re has announced the issue of Successor, the latest in its series of cat bond programmes, as it continues to utilise the capital markets to offset risk.

Bermudian reinsurer Max Re filed its first quarter results late May in a move that should avert its delisting from the Nasdaq trading exchange.

Shares in American International Group (AIG) fell last month as investors sold stakes following a 16 percent drop in first quarter net income to $3.2bn.

Allianz net profit up in revised results German insurer Allianz reported a 35 percent increase in profits in its revised first quarter results on 12 May. Net profit rose to EUR1.78bn this year from EUR1.32bn in the prior-year period.

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.

German giant increases use of securitisations as retro costs rise German reinsurer Hannover Re revealed it has halved its coverage from the traditional retro market in its programme renewal as it released strong first quarter operating results...

Aon Ltd is close to deciding on the company it will partner with to outsource its entire back-office function, The Insurance Insider can reveal.

Lloyd's has added Steve McCann, its head of open years, to a special working party to manage its application for a permanent Chinese licence as the deadline for regulatory approval fast approaches.

Willis Group Ltd has seen a series of migrations from its Italian team to rival Aon Ltd following the recent resignation of the unit head, Alberto Carrara.

Aon and Willis followed world's largest broker Marsh in announcing first quarter results last month. Marsh had earlier released figures revealing an almost doubling of earnings from $129mn to $238mn - despite revenues falling...