March 2007/5

A principles-based rather than a rules-based approach – not just to regulation but to running the entire industry – should be embraced by the industry, according to Joe Plumeri, chairman and CEO of Willis.

PRO Insurance Solutions Ltd, the proposed Scheme Manager of the WFUM Pools Scheme, has confirmed that the 14 WFUM pools scheme companies are applying to the UK High Court for approval.

Italian (re)insurance giant Generali disappointed analysts by failing to announce a special share buyback scheme despite reporting record net profits of EUR2.4bn for 2006, a rise of 25.3 percent.

QBE Limit and Markel are set for a November High Court showdown with broker Surety Guarantee Consultants Ltd (SGC) over allegations of fraud in connection with construction bonds it issued as a coverholder.

Reinsurance broker Benfield Group continues to bolster its Facultative Solutions teams after last year’s mass defection to rival Aon Corp.

Two brokers from UK public and employer’s liability specialists Preston Whiteside were jailed last week for defrauding small businesses.

Lloyd's chairman Lord Levene, who has long campaigned for a lower corporate tax rate in the UK, endorsed the 2 percent cut made by Chancellor Gordon Brown in his final budget.

Catastrophe modelling agency Risk Management Services (RMS) has warned that a large earthquake striking near the Chinese capital Beijing could cause $100bn in (economic) damages.

The Bermuda-based energy mutual Oil Insurance Ltd will increase its aggregation limits for all risks to $750mn when the 2007 Atlantic hurricane season begins later this year.

French insurance giant AXA SA has denied it is interested in making a play for its Italian rival Generali Assicurazioni SpA.

Xchanging is planning to raise up to £150mn in a planned April initial public offering (IPO) which could see the firm valued at over £400mn, Insider Week can reveal.

RK Harrison, the independent London market broker, has confirmed the arrival of five former energy brokers from rival Jardine Lloyd Thompson Group plc (JLT).