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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.
  • 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.
  • 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...
  • Bruce Carnegie-Brown resigned unexpectedly as president and CEO of the Europe and Middle East region of Marsh Inc last month, after just three years at the firm.
  • Alexander Forbes International Risk Services (IRS) division followed its parent company's announcement by confirming talks with new investors that would see its South African parent reduce its ownership.
  • South African broking group Alexander Forbes announced 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 International Risk Services (IRS)...