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May 2006/5
  • Hammond joins Alexander Forbes
    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.
    26 May 2006
  • Quanta goes into run-off
    Embattled Bermudian (re)insurer Quanta Capital Holdings will move most lines of business into run-off, the company announced today (26 May).
    26 May 2006
  • Lloyd’s insurers upbeat on trading statements
    The London market is enjoying strong rate rises in 2006, according to trading statements from three leading quoted Lloyd’s (re)insurers.
    25 May 2006
  • Converium back in black on declining income
    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.
    25 May 2006
  • Carnegie-Brown quits Marsh
    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.
    25 May 2006
  • Alexander Forbes in R380mn “bulking” settlement
    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.
    25 May 2006
  • High Court sanctions first Lloyd’s Part VII syndicate transfer
    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.
    24 May 2006
  • Heritage star underwriter Les Rock resigns
    Heritage Underwriting Agency plc – the Lloyd's insurer planning to float on the Alternative Investment Market (AIM) – has seen its star underwriter resign suddenly.
    24 May 2006
  • Swiss Re issues $160mn Mexican Cat bond
    Swiss Re has issued a $160mn Cat bond that covers Mexican earthquakes – the first time a sovereign country has securitised its natural catastrophe exposures.
    22 May 2006
  • ACE announces Duperreault retirement
    Bermudian giant ACE Ltd confirmed announced that Brian Duperreault, chairman of the board, will retire from the company at the end of the month.
    22 May 2006
  • RMS learns Katrina lessons with new model
    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.
    22 May 2006
  • SEC praises AIG's "good governance" progress
    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".
    22 May 2006
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