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.

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...

Shares in Canadian combine Fairfax Financial Holdings dropped almost 15 percent on the New York Stock Exchange (NYSE) on 22 March. The slump occurred after Fairfax – which owns a number of insurance companies including reinsurer Odyssey Re...

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...

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...

As widely expected, catastrophe modelling firm Risk Management Services (RMS) has increased the activity predicted by its hurricane loss models by 40 percent for Florida and the Gulf Coast. The company has also increased the modelled annualised...

Lloyd’s insurer SVB Group is close to launching a new FSA authorized insurance company and change its trading name to Novae as it makes a break from its troubled past, Insider Week understands. The UK quoted insurer – which has battled for five years..

HCC Insurance Holdings’ executive John Molbeck – who returned to the insurer last year after a stint with Jardine Lloyd Thompson’s US arm – will become the company’s new president and chief operating officer. The insurer’s founder Stephen Way will...

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...