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May 2005/6

  • The head of Xchanging’s London market sector Clive Buesnel is to pioneer the rollout of the outsourcing firm in the US, The Insurance Insider can reveal.
  • Embattled insurance giant American International Group moved a step closer to settling with US regulators over allegations of fraudulent business practices with the filing of a civil lawsuit against the firm and its former management duo Hank Greenberg...
  • After multiple delays, under-fire insurer AIG has announced today that it has finally filed its 2004 Form 10-K with the Securities and Exchange Commission (SEC). The insurance giant, which was forced to restate its accounts in the wake of the SEC...
  • Syndicate 33, the Lloyd’s operation managed by Hiscox, today reported unchanged forecasts for the 2003 and 2004 years account. For the 2003 year, the insurer projects a 12.5 to 17.5 percent profit on the Syndicate’s £842mn, 65 percent of which it owns.
  • Ambitious Lloyd’s listed insurer Chaucer Holdings said it plans to double its current underwriting capacity by the time the next sector cycle peaks, as it reported a positive start to the year in its latest trading statement, released to the London Stock
  • Matthew Fosh, the chief executive of Lloyd’s insurer SVB Holdings plc, described his company’s first quarter syndicate forecasts as “pleasingly uneventful” last week. The insurer – which continues to battle against a legacy of US professional indemnity
  • As predicted in the May edition of The Insurance Insider, UK broker Heath Lambert Group has undergone another capital restructuring less than two years after a debt-for-equity swap with its bankers.
  • Kinnect, the Lloyd’s-backed electronic data transfer initiative, has confirmed that it is recoding its platform for future releases. Speaking to Insider Week, Iain Saville, chairman of Kinnect, said the re-coding aimed to improve the functionality...
  • The president and chief operating officer of US broker Hilb Rogal & Hobbs Co. (HRH) resigned last week (26 May) after evidence was uncovered of his involvement in illegal payments in exchange for steering accounts to insurers.
  • Declining P&C insurance rates, the weak dollar and the impact of Spitzer were all blamed by South African financial services firm Alexander Forbes for a 5 percent decline in revenues in its international risk services unit.
  • Reinsurer Hannover Re confirmed last week that it had successfully completed its EUR500mn hybrid capital bond via its subsidiary Hannover Finance (Luxembourg) SA.
  • French reinsurer SCOR today (31 May) revealed a disappointing set of first quarter results, as the repercussions of the crisis it slipped into during the latter half of 2003 continued to dog its recovery.