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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-.
  • 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.
  • Despite increasing asbestos reserves by another £128mn in the year to 31 March 2006, Lloyd's pre-1993 run-off vehicle Equitas highlighted its progress in resolving claims with major policyholders as it released its financial results last Tuesday (6 June).
  • 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.
  • 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.
  • 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.
  • 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.
  • As predicted by this publication last week, Swiss Re today (12 June) announced the completion of its acquisition of GE Insurance Solutions (GEIS), creating the world's largest reinsurer.
  • Reinsurance broker Benfield Group has developed a $315mn, fully collateralised, Florida windstorm sidecar, Starbound Re, in conjunction with Bermudian reinsurer RenaissanceRe.
  • 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.
  • Giant reinsurer Swiss Re announced on last Wednesday (7 June) that it has issued Successor, the latest in its series of cat bond programmes, as it continues to utilise the capital markets to offset risk.
  • Ratings agency Fitch promised to provide greater precision for (re)insurers determining their capital requirements as it detailed what it claims as the first global stochastic capital model in London on last Tuesday (6 June).
  • Peter Hearn - the head of Willis Re's US operations - has replaced Grahame Millwater as the chief executive of the global reinsurance division.
  • 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.
  • 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).
  • 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.
  • 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.
  • 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.
  • 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...