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.

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.

US domiciled reinsurer OdysseyRe has launched a new £25mn capitalised UK insurance company that will focus on writing casualty lines.

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.

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.

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.