June 2006/4

Shares in White Mountains Insurance Group Inc closed down 5 percent on Friday to $489 on the New York Stock Exchange after the group admitted its reinsurance losses from last year's storms would be almost fifty percent higher than previously estimated.

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.

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.

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

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

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

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-.

FP Marine Risks Limited has become the first Asian-based insurance broker to achieve full accreditation at Lloyd's.

French giant AXA announced on 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.

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.

Companies have been warned that their public liability insurance does not always cover environmental risks that firms expect.

Insurance service provider Whittington signed a conditional agreement on 15 June to sell its newly formed Lloyd's Managing Agency and specialist Asian syndicate, Alba, to Insurance Australia Group (IAG).