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.

London is on course to meet the Financial Services Authority's (FSA) 85 percent contract certainty deadline by the end of the year, according to the findings of a survey by IT company Sungard.

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.

Besieged Bermudian reinsurer PXRE Group Ltd revealed last Wednesday (10 May) that it has lost two-thirds of its business following its recent troubles.

Swiss reinsurer Converium has reported a successful 1 April non-life renewal season as the company continues on the road to recovery.

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).

Lloyd’s broker Monument has been left in disarray following its chief executive’s decision to quit the company after a tenure of just two months – only weeks after five other senior managers walked out on the firm.

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.

Lloyd's insurer Kiln appointed Andrew Hitchcox to the newly created post of chief actuary and risk officer.

US retail broker Arthur J Gallagher has acquired Florida consultancy form YS Liedman & Associates.