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.

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.

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".

The London Stock Exchange’s two-week decline has continued to impact on the share price of the London Market’s listed insurers.

A month into his new role, and Lloyd's chief executive Richard Ward has shown a determination to improve the London Market's oft-criticised processing by proposing a new approach to contract documentation.

Lloyd’s run-off vehicle Equitas has reached a $90mn settlement with US firm WR Grace & Co over its asbestos liabilities.

Bermudian (re)insurer Max Re announced on 19 May that its failure to file the company’s Form 10-Q for the first quarter means it faces the possibility of de-listing from the Nasdaq.

General Motors has brought its asbestos dispute with Royal & Sun Alliance Group to the UK by filing a suit against the insurer into the High Court.

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.

UK broker Windsor plc reported a 16 percent rise in brokerage and fees today (22 May) for the six months ending 31 March 2006.

Hard-pressed US D&O and financial institutions insurers will be forgiven for indulging in a spot of schadenfreude following the recent travails of Milberg Weiss Bershad & Schumlan LLP, one of the largest and most successful US class action...

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.

Start-up US wholesale broker Mercator Risk Services Inc has hired Michael Connelly as senior vice president and manager of its Midwest Casualty operation.

Rodney Adler, the former director of failed Australian insurer HIH, failed last week in an attempt to have his jail term reduced.