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June 2006/5

  • Shares in UK broker Jardine Lloyd Thompson Group plc (JLT) have leapt almost ten percent this morning in the light of its expected acquisition of rival Heath Lambert Group plc.
  • Failed (re)insurer GoshawK today (29 June) released its 2005 preliminary results, revealing an after-tax loss of $140mn and warning that further deterioration in Hurricane Wilma losses would not be covered by its reinsurance protection.
  • Jardine Lloyd Thompson Group plc is close to securing its rival Heath Lambert Group plc in a £130mn deal which promises to create a dominant UK regional player, The Insurance Insider can reveal.
  • Bavarian giant Munich Re moved a step closer to restoring its once cherished double A rating today, with the news that Standard & Poor’s (S&P) had revised its outlook on the company’s A+ rating from stable to positive.
  • Bermuda-headquartered Catlin Group has announced that it will form a crisis management underwriting team in London to write product recall and kidnap and ransom (K&R) business.
  • European reinsurers enjoyed a "solid start" in the first quarter of 2006, underlined by underwriting profits, stronger capitalisation and stable ratings, according to a report from reinsurance broker Benfield.
  • Insurers were dealt a blow last week as government ministers said they will amend UK compensation laws in response to a House of Lords ruling that could potentially have reduced payouts to asbestos-related claimants.
  • The Financial Services Authority (FSA) has begun its consultation on new rules for Insurance Special Purpose Vehicles (SPV) in the UK.
  • 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 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.
  • Berkshire Hathaway chairman and chief executive Warren Buffett has revealed his plans to give away a large part of his personal wealth to charity.
  • Swiss reinsurer Glacier Re had its ratings placed under review with negative implications by AM Best last Thursday (22 June).