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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.
  • 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
  • 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.
  • As the fall out from New York attorney general Eliot Spitzer’s investigations into insurance industry practices continues, Swiss based Zurich Financial Services (ZFS) admitted last week that a number of its international operations had used complex...
  • Rostrum Group, the third largest investor in the Lloyd’s quoted insurance stocks, is winding up its involvement in the sector because of a failure to generate consolidation among the companies.
  • 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.
  • 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...
  • 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.
  • Reinsurer Hannover Re confirmed last week that it had successfully completed its EUR500mn hybrid capital bond via its subsidiary Hannover Finance (Luxembourg) SA.
  • Advent Capital (Holdings) plc will float later this week on the Alternative Investment Market (AIM) in an IPO that will value the Lloyd’s insurer at £77mn.
  • Former FirstCity professional indemnity executive Roddy Graham has joined Thompson Heath & Bond Ltd (THB), Insider Week understands.
  • 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.