June 2006/3

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).

As first revealed in May's The Insurance Insider Personal Accident (PA) underwriter Paul Newson has joined Lloyd's managing agency Marketform.

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.

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.

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.

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.

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.

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...