March 2006/1

Ex Aon Re executive director Shaun Scade has joined Marsh’s reinsurance arm Guy Carpenter & Co Inc to head its accident & health specialty practice in London. Scade – who joins as a senior vice president – will report to Nick Frankland, the head of...

London-based HSBC Insurance Brokers announced a restructuring last Wednesday (2 March), with four core divisions reporting to chief executive Mike Dixon. The new structure sees Direct Client Solutions, International Solutions, Intermediary Solutions...

Lloyd’s insurer Hardy Underwriting has forecast today (6 March) that its 2005 profits will be ahead of expectations. In a statement to the Stock Market the company said: “The profit before tax of Hardy Underwriting Group for the year ended...

Listed Lloyd’s insurer Chaucer reported on 28 February that it has written £125.8mn of premium, net of brokerage, during January renewals. The premiums are up from January 2005’s figure of £110.3m and represent approximately 28 percent of Chaucer’s...

Lloyd’s insurer Wellington Underwriting plc has announced the retirement of its chief underwriting officer David Foreman in a statement to the London Stock Exchange this morning (6 March 2006). Wellington said Foreman will step down from the board...

Supplementary benefits removed for all but the senior ranks in efficiency drive… Marsh UK is in the process of scrapping its final salary pension scheme for its staff and ceasing supplementary benefits for all but the highest earners...

Lloyd’s insurer Amlin reported last Wednesday (2 March) a record result of 25.4 percent of capacity for the 2003 year of trading on Syndicate 2001, beating the previous record of 21.7 percent on the 2002 account. The company said the result...

“Class of 2005” start-up Validus Holdings Ltd announced today (6 March) that former Merrill Lynch investment banker Joseph E. (Jeff) Consolino has been appointed chief financial officer and executive vice president of the company and its subsidiary...

Former Gen Re executives Geoffrey Barnum and Christopher Byatt have dropped their appeals to the Australian regulator The Australian Prudential Regulation Authority (APRA) over their disqualifications. The two were disqualified by the APRA...

French reinsurer SCOR has reported a 25 percent increase in premium income renewed at 1 January for non-life, credit and surety treaties. The group’s recovery towards profitability after the travails of 2003 continued with overall premium income up...

Boston-based insurer Liberty Mutual Group last Tuesday (1 March) reported a $312mn fall in fourth quarter net profits to $253mn, and a $218mn drop in full-year profits to $1.03bn as it took close to $1bn in 2005 hurricane losses. The company, which...

Bermudian Allied World Assurance Holdings (AWAC) announced a fourth quarter net loss of $23.9mn from last year with the company suffering an $83mn hit from Hurricane Wilma. The company’s net loss for 2005 was $159.8mn, down significantly from the...