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.

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.

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.

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.

The Lloyd's Market Association (LMA) has appointed David Powell as motor manager, replacing the retiring Roger Jones.

Swiss reinsurer Glacier Re had its ratings placed under review with negative implications by AM Best last Thursday (22 June).

Electronic reinsurance trading platform RI3K has cut its prices by 80 percent in a move it described as "effectively sponsored" by Aon.

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

UK-listed (re)insurer Chaucer Holdings plc has announced a £40mn increase in capacity for next year.

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.

Berkshire Hathaway chairman and chief executive Warren Buffett has revealed his plans to give away a large part of his personal wealth to charity.

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.