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May 2005/4
  • Hiscox European appointment
    Hiscox plc has appointed XL D&O underwriter Marc van der Veer as managing director of the group’s retail operations in continental Europe.
    16 May 2005
  • Munich Re rating unchanged on Q1s
    Ratings agency Standard & Poor’s (S&P) announced last week (11 May) that it was leaving its A+ rating for world’s largest reinsurer Munich Re unchanged following its recent strong first quarter results (see Insider Week No 172).
    16 May 2005
  • Ex-JLT boss joins Aon in senior client role
    Steve McGill, the former chief executive of Jardine Lloyd Thompson Group plc, has left his short consultancy role at Benfield Group to join Aon Corp.
    16 May 2005
  • AIG: six more senior executives make untimely exit
    Under-the-cosh insurance giant AIG was facing more fallout from its errant accounting practices today when it was reported in the Wall Street Journal that a further “six or more” senior executives will be forced to leave the company in the next two weeks.
    16 May 2005
  • Wellington appoints Thomas as general counsel
    Lloyd’s insurer Wellington Underwriting plc has announced the appointment of Heather Thomas as general counsel and company secretary.
    16 May 2005
  • Refusenik Lloyd’s Names defeated in High Court
    The High Court refused applications by a group of aggrieved former Lloyd’s Names to bring actions of “misfeasance in public office” against Lloyd’s, last week.
    16 May 2005
  • R&SA delights with consensus beating Q1s
    UK insurer R&SA offered a ray of sunshine to its long-suffering shareholders with a consensus beating first quarter operating profit of £160mn, way ahead of the £106mn-£134mn forecasts.
    16 May 2005
  • Allianz looks to pensions market for growth
    Mammoth financial services company Allianz confirmed last week (13 May) that it is well on track to meet its 2005 earnings target, after reporting a 33 percent increase in net income to almost EUR1.2bn for the first quarter of the year.
    16 May 2005
  • Faraday chief executive suspended
    Faraday Group chief executive Milan Vukelic has been suspended as US regulatory authorities continue to probe General Re’s past finite reinsurance transactions.
    16 May 2005
  • Pinault cleared in Executive Life trial
    A Los Angeles federal court cleared French billionaire Francois Pinault but found his holding company Artemis guilty of conspiracy in the controversial sale of Californian insurer Executive Life, last week.
    16 May 2005
  • Happy Hannover issues new debt
    Germany's Hannover Re showed its strength across the board, with operating profit up 16.2 percent to EUR179.5mn, net income increasing 11.1 percent to EUR107.7mn and gross written premiums growing 6.2 percent to EUR2.6bn against the first quarter of 2004.
    16 May 2005
  • Glacier adds to capital base
    Swiss reinsurance newcomer Glacier Re has increased its capital base with the release of two tranches of subordinated notes.
    16 May 2005
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