May 2006/4

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.

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

Aon Ltd, the UK arm of broking giant Aon Corp, has ditched plans to move its London operations out of the City of London and to the Docklands.

AXA is believed to be again working with the French investment bank IXIS in developing another innovative risk securitisation, according to reports.

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.

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.

The corporate scandals that have hit the US in the last few years have made the directors and officers (D&O) market, the toughest to administer claims, according to experts at a London-based conference.

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

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.