May 2006/5

Embattled Bermudian (re)insurer Quanta Capital Holdings will move most lines of business into run-off, the company announced today (26 May).

Alexander Forbes has appointed Mike Hammond, the former Marsh UK chief executive and JLT Risk Solutions chief executive, as the deputy chairman of its International Risk Services business.

Alexander Forbes Group Ltd has announced a Rand380mn (£31mn) settlement with South African regulators over its practice of “bulking” pension funds and said the package will reduce its 2005 earnings by 20 percent.

The London market is enjoying strong rate rises in 2006, according to trading statements from three leading quoted Lloyd’s (re)insurers.

Bruce Carnegie-Brown has resigned suddenly as president and CEO of the Europe and Middle East region of Marsh Inc after just three years at the firm.

Swiss reinsurer Converium reported its net income of $61.6mn in its first quarter results, taking the company back to a profit after a $5.5mn loss in the prior-year period.

Heritage Underwriting Agency plc – the Lloyd's insurer planning to float on the Alternative Investment Market (AIM) – has seen its star underwriter resign suddenly.

The High Court has sanctioned the first transfer of business out of a Lloyd’s syndicate since the formation of Equitas ten years ago, opening the prospect of a new method to obtain finality for non-trading syndicates.

Swiss Re has issued a $160mn Cat bond that covers Mexican earthquakes – the first time a sovereign country has securitised its natural catastrophe exposures.

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 17 May trading statement, but reiterated that it expects to maintain its targeted returns...

Bermudian giant ACE Ltd confirmed announced that Brian Duperreault, chairman of the board, will retire from the company at the end of the month.

Cat modelling Risk Management Solutions (RMS) has today (22 May) officially launched its anticipated new hurricane model, incorporating “lessons learned” from the devastation of the last two hurricane seasons.