March 2005/4

Ratings agency AM Best has affirmed the financial strength rating of the P&C subsidiaries of US insurer Chubb at “A++” (Superior).

Industry grandee Bob Clements, the founding chairman of Bermuda’s Arch Capital, is to step down from his position at the company, with current vice-chairman Paul Ingrey taking his place at the beginning of next month (1 April 2005).

Following months of speculation, Lloyd’s motor specialist Cox Insurance Holdings announced on 16 March that it has reached a provisional agreement with a consortium led by ousted CEO Neil Utley to buy the company.

2004 proved to be another difficult year for Lloyd’s insurer SVB as continued promise in the turnaround of its ongoing business was once again overshadowed by the legacy of its past.

Lloyd’s listed insurer Beazley spoke of market conditions that remain “pretty good” as it announced 2004 profits that almost doubled from £17.1mn to £33.4mn, and earnings per share up from 5.0p to 9.3p year-on-year – despite its managed syndicates being h

In a move set to add to an already mixed picture of new broker models, Heath Lambert has today published its own system of payment for work carried out on behalf of insurance companies. Using what it describes as its Broker Insurer Services Commission (BI

Greenberg’s gone but, with 10-K delay, is more bad news imminent?

Broker Glencairn has announced the appointment of Steve Hearn to the role of chairman in addition to his current role as chief executive.

German giant insurer Allianz reported a strong set of 2004 results last Thursday (17 March), prompting ratings agency Fitch to upgrade the company and its subsidiary Dresdner Bank.

World number two reinsurer Swiss Re announced profits up from SFr1.7bn to SFr2.5bn last Thursday (17 March), as it committed to earnings growth through the insurance cycle, targeting 10 percent a year increases in earnings per share.

As reported in the March issue of The Insurance Insider, City grandee Michael Spencer has joined the board of London market start-up Oxygen Holdings plc.

Rod Fox, CEO of reinsurance broker Benfield’s US division, has been “granted a leave of absence for personal reasons”, according to a London Stock Exchange announcement last week.