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.

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".

The number of London Market companies hit by computer system failures has fallen significantly in the last year, according to a survey by the International Underwriting Association (IUA).

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.

Swiss reinsurer Converium has appointed two new members to its global executive committee as new CEO Inga Beale continues to build her team.