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June 2006/4

  • Lloyd’s insurer Kiln plc is planning to expand its 2007 capacity to over £1bn – making it one of the largest Lloyd’s insurers by stamp.
  • Swiss reinsurer Glacier Re has had its ratings placed under review with negative implications by AM Best yesterday (22 June).
  • UK-listed (re)insurer Chaucer Holdings plc has announced a £40mn increase in capacity for next year. The company submitted its 2007 business forecasts to Lloyd's today (22 June), which include plans to increase capacity on two syndicates.
  • German insurance giant Allianz Group is to cut 7,500 jobs as part of what the company termed a “restructuring and modernising” of its business processes.
  • Aon UK announced today (22 June) that it will soon have the ability to trade electronically across all its London market lines of business.
  • Carriers will not just be tested on their ability to pay claims but will also be ranked according to their client service levels, following a new initiative launched by broker Willis Group Holdings Ltd.
  • US domiciled reinsurer OdysseyRe has launched a new £25mn capitalised UK insurance company that will focus on writing casualty lines.
  • Quoted Lloyd’s insurer Hardy has announced that it will form a new non-marine syndicate for 2007, which will be led by Clal Insurance Syndicate 1301 underwriter Patrick Gage.
  • Bermudian (re)insurer Allied World Assurance Company (AWAC) has revealed that it is under investigation by the Texas attorney general for restraint of trade and other business practices.
  • Analysts at Numis Securities reacted positively to the AGM trading statement of UK-quoted insurer Hiscox plc, which reported 30 percent premium growth across the group.
  • US insurer Chubb has agreed to provide hull and liability cover to general aviation clients of Starr Aviation - the managing agency ultimately controlled by former American International Group chief executive Maurice “Hank” Greenberg.
  • Jardine Lloyd Thompson Group plc, the UK broker thought to be conducting due diligence on rival Heath Lambert Group, issued a statement to the Stock Exchange last week saying it had no explanation for the recent volatility in its share price.
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