June 2006/4

Rating agency Standard & Poor's (S&P) confirmed on 12 June 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-.

Equitas announced on 15 June that it had reached a comprehensive settlement with US insurer The Hartford Financial Services Group.

Bermudian giant XL Capital announced the restructure of its management team on 15 June with Henry Keeling taking over as chief operating officer.

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.

Insurance buyers at the Association of Insurance & Risk Managers (AIRMIC) conference were urged to use their power to improve market transparency and drive through contract certainty by the Financial Services Authority (FSA).

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.

Brit Insurance Holdings PLC announced today (19 June) the appointment of Graham Taylor to its business development unit, which is headed by Richard Webster, business development director.

The schemes of arrangement for four HIH companies were approved in the UK High Court on 12 June. The schemes became effective on 13 June 2006 when the Court Orders were lodged with Companies House.

Ratings agency Moody's has said it does not expect the introduction of the EU's Solvency II regulation to cause widespread ratings actions.

Omega Underwriting Holdings plc was the latest Lloyd's based insurer to paint a bright picture of its trading prospects at the company's annual general meeting today.

Guy Carpenter & Co confirmed last week the appointment of David Spiller as its group chief executive, replacing the long-serving Salvatore Zaffino.

The new chairman of The Association of Insurance and Risk Managers (AIRMIC), Geoff Taylor, has pledged to make small and medium (SMEs) firms a priority during his tenure.