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.

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.

The insurance industry needs a real partnership between underwriters and brokers if it is to progress, according to Hiscox Ltd's chairman Robert Hiscox.

Lloyd's insurer Hardy Underwriting Group has revealed that it will stay in London, but that the possibility of moving to a low tax jurisdiction remains firmly in its sights.

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

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

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.

Lloyd's-based insurers joined their peers in Europe and across the Atlantic in giving additional capital back to their shareholders.

Managing agency CV Starr will be one of the underwriters for Lloyd's newly licensed Chinese reinsurance operation, it was revealed last week.

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.

The spectre of asbestos returned to haunt reinsurance giant Munich Re as it revealed in its full annual report on 20 March a $600mn strengthening of loss reserves for related claims.

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.