May 2005/4

Hiscox plc has appointed XL D&O underwriter Marc van der Veer as managing director of the group’s retail operations in continental Europe.

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.

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.

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).

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.

Lloyd’s insurer Wellington Underwriting plc has announced the appointment of Heather Thomas as general counsel and company secretary.

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.

Slimmed down Swiss reinsurer Converium reported a higher than expected first quarter loss last week (10 May) as Erwin, commutations, reserve strengthening and restructuring costs hit the bottom line.

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.

Swiss reinsurance newcomer Glacier Re has increased its capital base with the release of two tranches of subordinated notes.

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.

A Marsh Ltd spokesman has offered a blanket rejection that the firm is set to reshuffle its senior management following the promotion of its chief executive Bruce Carnegie-Brown earlier this year.