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May 2006/5

  • 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.
  • Embattled Bermudian (re)insurer Quanta Capital Holdings will move most lines of business into run-off, the company announced today (26 May).
  • The London market is enjoying strong rate rises in 2006, according to trading statements from three leading quoted Lloyd’s (re)insurers.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • The Securities and Exchanges Commission (SEC) has praised American International Group and its "courageous" chairman Frank Zarb as the giant insurer makes strides towards "good governance".