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.

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

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.

The emergence of the special purpose reinsurance entities known as sidecars is an innovative capital and risk management strategy and the market looks set to keep growing according to a report by ratings agency Moody's.

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.

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

London market broker Glencairn Ltd has parted company with Adam Fox, the head of its reinsurance operations.

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.

German reinsurer Hannover Re released strong first quarter operating results on 12 May, and said it was on track to hit 2006 earnings targets.