June 2006/2

UK general insurer Royal & Sun Alliance (R&SA) announced first quarter pre-tax profits of £122mn, unchanged from the corresponding period of 2005.

Insurance giant Allianz unveiled the restructuring of its large corporate risks units late last month while also confirming it was exiting marine reinsurance business after last year’s destructive storm losses.

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...

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.

Former Brit space underwriter Simon Clapham has been signed up by Sciemus Limited as director of insurance, to work with the LibSat satellite consortium backed by Liberty Syndicate Management and a number of other Lloyd’s insurers.

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.

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.

Underwriters on Limit's Syndicate 386 have become some of QBE's highest paid employees following their multi-million pound bonus scheme.

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.

Benfield Group's chief executive Grahame Chilton has always made it clear that he believes one of the prime duties of the reinsurance broker is to ensure there are markets available for its clients; and, if they are not, they should be created.