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March 2006/3

  • The Insurance Insider’s 2006 market survey, in association with Salmon Ltd, will gauge the views of senior industry figures on the competitiveness of the London market at a time of extraordinary flux for the industry. It takes less than five minutes...
  • But share price suffers as plans for new holding company, FSA insurer and rights issue revealed... Lloyd’s insurer SVB Holdings plc has confirmed a scheme of arrangement to ring-fence past liabilities, with the creation of a new holding company...
  • Axiom Consulting is the latest UK financial services firm planning to cut costs by outsourcing its functions to an offshore firm, The Insurance Insider can reveal. The (re)insurance run-off consultancy – which spun-off from former owner Aon Ltd in...
  • The Insurance Insider reports from the World Insurance Forum where the growing interaction between the reinsurance industry and the capital markets was a key subject of debate. Industry leaders gathered at the World Insurance Forum in Bermuda last...
  • London-based HSBC Insurance Brokers announced a restructuring on 2 March, with the creation of four core divisions reporting to chief executive Mike Dixon. The new structure sees Direct Client Solutions, International Solutions, Intermediary...
  • When, without prompting, Jardine Lloyd Thompson Group plc’s (JLT) new chief executive Dominic Burke volunteered: “I passionately believe in the independence of JLT”, it begged the question: “Who was suggesting otherwise?”
  • Aspen impresses analysts, despite loss Despite posting a fourth quarter net profit of $30.3mn or 31 cents a share, Aspen Insurance Holdings was unable to turn around a hurricane-struck year, joining a growing band of Bermudians to book a 2005 deficit.
  • CNA falls to Q4 loss Chicago-based insurer CNA Financial posted a fourth quarter net loss of $217mn, or 92 cents per share, down from a net profit of $303mn, or $1.11 per share, in 2004. The company was hit by $223mn in commuted reinsurance...
  • UK insurer Royal & Sun Alliance (R&SA) reported a £685mn leap in its full-year after tax performance. After tax profits were £605mn last year, a marked improvement on 2004’s £80mn loss. Profits before tax rose to £865mn in 2005 from £80mn the...
  • Shares in (re)insurer Quanta Capital Holdings Ltd collapsed earlier this month after the company admitted it was putting itself up for sale following deteriorating losses and a downgrade by rating agency AM Best from the crucial A- to B++.
  • Hurricane-decimated Bermudian in talks to transfer ongoing business after downgrades. Embattled Bermudian reinsurer PXRE Group Ltd is pinning its hopes on Lloyd’s as part of a rescue plan that could see the group transfer its ongoing business to...
  • UK regulator the Financial Services Authority (FSA) has said it regards a healthy run-off sector as an essential part of the insurance market. Speaking at the Association of Run-Off Companies (ARC) Congress on 7 March, Julian Adams, head of...