May 2006/3

AXIS Capital Holdings announced that David Greenfield will join the company as chief financial officer later this year.

Defunct Australian insurer HIH's has been ordered to pay indemnity costs to broker JLT Risk Solutions after its film finance action ended with its claim being dismissed.

Reinsurance broker Guy Carpenter has launched its Electronic Claims File (ECF) initiative for London Market reinsurers.

Brit Insurance Holdings plc has announced a record-breaking five-year sponsorship deal with Surrey County Cricket Club and the Brit Insurance Oval.

Lloyd's insurer Chaucer Syndicates has appointed two new directors from within the business.

The Financial Services Authority (FSA) is to undertake a review into the handling of client money by general insurance intermediaries later this year.

The Armenian Airbus that crashed into the Black Sea on 3 May was insured in the London Market by Lloyd's MSF Pritchard Syndicate 318.

Rating agency Moody's has downgraded the insurer financial strength rating of Wellington's Syndicate 2020 from A1 to A2.

Arab Insurance Group (Arig) increased first quarter net profits by 31 percent to $8mn, up from $6.1mn from the prior-year period. The quarterly result represents an annualised return of 11.8 percent on average shareholders' equity.

Bermudian (re)insurer AXIS Capital reported first quarter net income of $195.2mn, or $1.19 a share, up from $151.8mn, or $0.95 per share for the prior year period.

The positive first quarter for Bermudian (re)insurers 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.

Canadian combine Fairfax Financial Holdings reported first quarter earning of $172.1mn, or $9.47 per share, up from $35.2mn, or $2.03 a share for the prior year period.