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.

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.

Analysts have reacted positively to last week's news that 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.

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.

World Trade Center (WTC) developer Larry Silverstein and site owner the Port Authority of New York and Jersey today (26 June) sued Swiss Re-led insurers...

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.

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