May 2006/3

Despite the capital market's growing appetite to assume risk, traditional reinsurance cannot be beaten for speed of access, according to speakers at an Insurance Insider event last week.

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

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.

MMC chief executive Michael Cherkasky pointed to the green shoots of recovery in his company's first quarter results on 3 May, but it was also apparent that the global brokers are still operating in a brutally tough trading environment.

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.

Troubled Bermudian reinsurer PXRE Group Ltd has been deluged by shareholder suits alleging that the company misled investors by hiding the full impact of last autumn's hurricanes in its initial loss estimates.

Boston-based insurance giant Liberty Mutual Group engaged in kickbacks and bid-rigging to boost sales, according to lawsuits filed by the New York and Connecticut attorney generals last week.

Despite unveiling hurricane losses of $3.4bn for last year, Berkshire Hathaway Inc said it remains committed to writing catastrophe (re)insurance.

Steve McGill, the head of Aon Corp's Global Large Corporate unit, has recruited a team of senior ex-Jardine Lloyd Thompson Group plc colleagues to join the broking giant, Insider Week can reveal.