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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.
  • 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.