June 2006/2

Rating agency Standard & Poor's (S&P) gave a preview of its updated risk-based capital model on 1 June, saying that it does not see it as an "opportunity to raise the industry's overall capital requirements substantially".

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.

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.

The High Court has sanctioned the first transfer of business out of a Lloyd's syndicate since the formation of Equitas ten years ago, opening the prospect of a new method to obtain finality for non-trading syndicates.

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.

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)...

Although the pace of business process reform has picked up in London, with initiatives from Lloyd's, the Lloyd's Market Association and the G6 moving forward, Bronek Masojada, chief executive of UK insurer Hiscox, challenged the market...

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.