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May 2006/4

  • UK-listed Jardine Lloyd Thompson Group plc (JLT) today (18 May) announced it has became the latest Western broker to receive approval from regulators for a Chinese (re)insurance broking operation.
  • Start-up (re)insurer Lancashire Holdings Ltd has blamed a sluggish marine market for writing less business this year than it initially planned, according to a trading statement issued today (17 May).
  • French reinsurer SCOR today (16 May) reported a 61 percent rise in its first quarter income to EUR53mn from EUR33mn in the prior-year period.
  • Lloyd's insurer Kiln appointed Andrew Hitchcox to the newly created post of chief actuary and risk officer.
  • Jardine Lloyd Thomson Group plc is in talks to buy its smaller rival, the resurgent Heath Lambert Group, in a move which might spark another round of broker consolidation fever, according to sources.
  • Validus Reinsurance Ltd has become the latest Bermudian reinsurer to launch a sidecar with Petrel Re, a $200mn capitalised vehicle specialising in the stretched marine and energy sector.
  • Shareholders in the embattled insurance group Quanta Capital Holdings Ltd received a glimmer of good news last week when a US analyst upgraded the company's prospects on the possibility of a sale.
  • Swiss reinsurer Converium has reported a successful 1 April non-life renewal season as the company continues on the road to recovery.
  • German giant Munich Re has announced quarterly profits of EUR979mn on the 9 May, up 41.7 percent from the EUR691 in the prior-year period.
  • German reinsurer Hannover Re released strong first quarter operating results on 12 May, and said it was on track to hit 2006 earnings targets.
  • German insurer Allianz reported a 35 percent increase in profits in its revised first quarter results on 12 May. Net profit rose to EUR1.78bn this year from EUR1.32bn in the prior-year period.
  • Shares in American International Group (AIG) fell 5 percent late last week as investors sold stakes following a 16 percent drop in first quarter net income to $3.2bn on Wednesday (10 May).
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