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June 2006/2

  • 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.
  • RMS learns Katrina lessons with new model; Buffett points to son as non-executive chairman; WTC insurers in fees victory; Imagine appoints ex-Platinum executive as CEO; Sompo Japan suspended by regulator; et al...
  • Equitas boosts asbestos reserves; Creechurch parts company with chief executive; Monument in disarray as chief executive quits; Novae enters energy as start-up gets A- rating; Lloyd's warns insurers on climate change; et al...
  • CV Starr, the managing agency ultimately controlled by former American International Group chief executive Maurice "Hank" Greenberg, is set to appoint an aviation underwriter who will spear-head the company's London market operations.
  • 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.
  • The former head of Lloyd's strategy Stuart Degg, together with reinsurance consultancy the Donald Macdonald Partnership, is set to launch a new operation targeting the industry's growing enthusiasm for (re)insurance-linked securitisations...
  • Amidst market volatility, Numis downgrades earnings forecasts Despite hardening rates in some lines of business and positive trading statements, London-listed insurance stocks have taken a hammering in recent weeks.
  • UK general insurer Royal & Sun Alliance (R&SA) announced first quarter pre-tax profits of £122mn, unchanged from the corresponding period of 2005.
  • 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.
  • Heritage Underwriting Agency plc is still keen to proceed with its planned Alternative Investment Market (AIM) flotation despite the sudden resignation of its renowned underwriter, Les Rock.
  • Independent (re)insurance broker BMS Group reported a 2 percent upturn in 2005 pre-tax profits to £4.5mn earlier this month.
  • 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...
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