March 2006/5

Hampden Private Capital is set to become one of only two remaining Lloyd’s members’ agencies after agreeing to acquire the Names’ advisory business from CBS Private Capital.

Run-off services provider CMGL has announced the appointment of Jonathon Piper as its chief actuary. Piper joins CMGL from run-off management company KMS, where he has spent 12 years, most recently as senior actuary. He began his career at Victory...

Giant insurance broker Marsh & McLennan Companies (MMC) has appointed James Speros as chief marketing officer and senior vice president. Speros will be responsible for MMC’s global marketing and communications strategies supporting MMC’s business...

The fast-expanding London broker SBJ Group Ltd has acquired the employee benefits technology company Orbit Benefits Ltd from Benfield Group. SBJ – which is majority owned by the private equity firm Capital Z Financial Services Partners – said the...

Insurance claims from Cyclone Larry, which struck north-eastern Australia on 20 March, reached AUS$90mn last week with 4,000 claims already made, according to the Insurance Disaster Response Organisation (IDRO).

Heritage’s Syndicate 1245 is now predicting a loss of 52 percent capacity on its 2002 underwriting year. The Lloyd’s insurer decided last year to keep the syndicate open because of uncertainties relating to its controversial US bail bond losses.

Despite last autumn’s record industry hurricane losses, Lloyd’s insurer Kiln beat market expectations with a £8.5mn pre-tax profit, as strong investment income, a reserve release and an increase in fees and profit commission from its managing agency...

Michael Bright, the colourful founder of collapsed UK insurer Independent Insurance, will face trial on charges of conspiracy to defraud at a trial starting after Easter 2007, a preliminary hearing at Southwark Crown Court heard on the 24 March.

Peach Holdings, a life settlement company, is set to become the latest foreign financial services company to list on the London Stock Exchange’s Alternative Investment Market, Insider Week can reveal. According to sources, Peach Holdings will list...

Hannover Re may decide not to buy catastrophe protection from the traditional retrocessional markets because of the high cost, warned the reinsurer’s chief executive Wilhelm Zeller last week. The retro market is now “damned expensive”...

UK insurance giant Aviva plc pulled its bid for compatriot Prudential plc on Friday (24 March) after failing to secure the co-operation of its rival. As reported in this publication, Prudential strongly rebuffed the proposed merger last Monday...

German reinsurer R+V returned to the Royal Courts of Justice last week as it attempts to establish the quantum of liabilities due from the controversial, Lloyd's based managing agency Risk. The case, on which The Insurance Insider has reported...