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June 2006/3
  • Royal & Sun Alliance to cut over 1500 jobs; shares rise
    UK general insurer Royal & Sun Alliance has unveiled plans to cut over 1500 jobs in an efficiency drive that will save the group £130mn in annual costs.
    19 June 2006
  • AXA confirms Winterthur deal with Credit Suisse
    French giant AXA announced today (14 June) that it has entered into a definitive agreement with Credit Suisse Group to buy the Zurich-based company’s insurance operation Winterthur for SFr12.3bn, or EUR7.9bn in cash.
    14 June 2006
  • S&P confirms Swiss Re downgrade as GEIS deal closes
    Rating agency Standard & Poor’s (S&P) last night (12 June) confirmed that Swiss Re’s acquisition of GE Insurance Solutions (GEIS) has cost the reinsurer its AA rating, which has been downgraded a notch to AA-.
    13 June 2006
  • Integro continues Marsh plunder
    Fast-growing Integro last week announced a series of further appointments of former Marsh employees to its stable, bolstering its healthcare practice in Boston and Chicago, and establishing a south eastern marine practice.
    12 June 2006
  • Best affirms HCC rating; assigns rating to shelf registration
    AM Best has affirmed the financial strength rating (FSR) of A+ (Superior) on US insurer HCC Insurance Holdings and assigned indicative ratings on the firm's $1bn shelf registration.
    12 June 2006
  • BMS profits up on expanded portfolio
    Independent (re)insurance broker BMS Group reported a 2 percent upturn in 2005 pre-tax profits to £4.5mn last week. "The breadth and strength of our portfolio has ensured that overall we have remained solidly profitable in 2005, notwithstanding the...
    12 June 2006
  • Bermudian Q1 premium income drops despite rate rises
    The first quarter of the year has seen premium income drop for Bermudian reinsurers despite sharp rate rises, reported Benfield in its Bermuda Quarterly review.
    12 June 2006
  • Novae enters Lloyd's energy market
    Novae Group is entering the Lloyd's energy market with the appointment of Jason Poulastides to Novae Syndicate 2147. The firm is hoping to take advantage of the "biggest ever" rate rises in the sector.
    12 June 2006
  • AM Best downgrades and withdraws Quanta Capital Holding's ratings
    AM Best responded last Wednesday (7 June) to Quanta Capital Holdings's run-off plans by first downgrading the company's ratings and then withdrawing them altogether at the firm's request.
    12 June 2006
  • Starr Aviation Agency appoints London aviation head
    Starr Aviation Agency, the managing agency ultimately controlled by former American International Group chief executive Maurice "Hank" Greenberg, has found a head aviation underwriter to spearhead the company's London market operations.
    12 June 2006
  • Benfield launches proprietary $315mn sidecar
    Reinsurance broker Benfield Group has developed a $315mn, fully collateralised, Florida windstorm sidecar, Starbound Re, in conjunction with Bermudian reinsurer RenaissanceRe.
    12 June 2006
  • XL Capital appoints veteran Haag to board
    Bermudian giant XL Capital announced the appointment of industry veteran Herbert Haag to its board of directors on Friday (9 June).
    12 June 2006
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