• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Print
  • X
  • LinkedIn
  • Email
  • Free trial
  • Log in

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.
  • 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.
  • 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.
  • 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.
  • As revealed by The Insurance Insider in February, the UK division of US retail broker Arthur J Gallagher has hired ex-regulator Sarah Dalgarno as director of compliance and risk management.
  • American International Group (AIG) has announced that the China Insurance Regulatory Commission (CIRC) has given its life and general insurance subsidiaries in China approval to expand.
  • Swiss giant Zurich Financial Services (ZFS) recorded a first quarter profit of $785mn, up 1 percent from last year, despite being hit with a $262mn post tax charge from settling with US regulators.
  • French reinsurer SCOR has reported a 61 percent rise in its first quarter income to EUR53mn from EUR33mn in the prior-year period.