June 2006/3

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

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.

Tropical Storm Alberto, the first named storm of this year's hurricane season, has struck Cuba and was heading towards Florida at the time of going to press.

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.

Quanta Capital Holdings has signed heads of agreement with Chaucer Holdings and the senior underwriting team of its Syndicate 4000 to form a new Lloyd's managing agent, Pembroke Managing Agency Limited.

New Lloyd's chief executive Richard Ward has begun to impose his authority on the Corporation with his first management reshuffle, consolidating business process reform (BPR) responsibilities under the leadership of Steven Haasz.

The proposed WFUM pool scheme of arrangement, involving 16 different insurance companies, was granted leave to convene creditors' meetings by the UK High Court on 9 June.

South African broking group Alexander Forbes announced last Wednesday (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...

French insurer AXA is reportedly in exclusive talks to buy Winterthur, the insurance unit of financial services giant Credit Suisse Group in a deal that could be worth up to SFr10bn, or $8bn.

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.

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

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