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May 2006/1

  • London market IT provider Room Solutions has been bought out by the Indian headquartered company NIIT Technologies Limited (NIIT). In an announcement today (8 May), the company said NIIT has taken a majority shareholding in the company "with a view...
  • Troubled reinsurer PXRE has been hit by a brace of shareholder suits in New York alleging that the company misled investors by hiding the full impact of last autumn’s hurricanes in its initial loss estimates.
  • The positive first quarter for Bermudian reinsurers continued when RenaissanceRe posted a record net operating income of $195.7mn, or $2.73 per share, up from $54.5mn, or $0.76 per share last year.
  • Willis Group Holdings Ltd reported yesterday (3 May) net income of $140mn, or $0.89 per share, for the first quarter of 2006, more than double the $67mn, or $0.41 per share, recorded in the prior year period.
  • Lloyd’s insurer Heritage Underwriting Agency plc has announced plans to form a new syndicate together with a listing on the Alternative Investment Market, The Insurance Insider can reveal. The new syndicate – which will write alongside the insurer’s...
  • MMC chief executive Michael Cherkasky pointed to the green shoots of recovery in his company’s first quarter results today (3 May), but it was also apparent that the global brokers are still operating in a brutally tough trading environment.
  • The number of private securities litigation cases filed in the US fell to its lowest in almost a decade during 2005. However, the value of settlements more than doubled, according to a report by accountants PricewaterhouseCoopers (PwC).
  • Ratings agency Fitch announced on 25 April that it had begun operating from its new office in Dubai. Stephen de Stadler, Fitch's head of Business Development for the Middle East, said: "Fitch Ratings recognises that the economic growth currently...
  • GoshawK Insurance Holdings plc, the UK parent of failed Bermudian reinsurer Rosemont Re, has had its shares suspended with immediate effect today (2 May).
  • UK regulator the Financial Services Authority (FSA) has fined Lloyd's broker Besso £20,000 for failure to apply for approval of a member of its management who had previous fraud convictions and is alleged to have gone on to commit fraud whilst at the...
  • Willis Group Holdings has parted company with Arlene Corsetti - only a year and a half after trumpeting her defection from rival broker Marsh Inc. Corsetti, the former managing director of Marsh's midwest operations, was one of the first high...
  • It is the last chance to join The Insurance Insider, and our illustrious panels of senior reinsurance executives, at two free-to-attend Post-Katrina briefing events in London later this week.
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