June 2006/3

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.

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.

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-.

Peter Hearn - the head of Willis Re's US operations - has replaced Grahame Millwater as the chief executive of the global reinsurance division.

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.

Bermudian giant XL Capital announced the appointment of industry veteran Herbert Haag to its board of directors on Friday (9 June).

Most of the World Trade Center insurers do not have to pay lessee Larry Silverstein's legal fees from the series of lawsuits that emerged after the 2001 terrorist attacks.

Bermuda-headquartered Aspen Insurance Holdings last week (8 June) announced the appointment of Brian Boornazian to the newly created position of head of reinsurance at the company.

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.

The International Underwriting Association (IUA) has begun a pilot project to test a new electronic claims system for the London Market.

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...

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.