May 2006/5

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.

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

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

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

Swiss Re has issued a $160mn Cat bond that covers Mexican earthquakes – the first time a sovereign country has securitised its natural catastrophe exposures.

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.

Start-up (re)insurer Lancashire Holdings Ltd has blamed a sluggish marine market for writing less business this year than it initially planned, according to a 17 May trading statement, but reiterated that it expects to maintain its targeted returns...

Guy Carpenter & Co has recruited an eight-strong Credit, Bond & Political Risk team headed by the former Benfield Group executive John Orchard, Insider Week can reveal.

Willis Group’s long-established Italian financial institutions/executive risks team is set to change sides and join rival Aon Ltd, only months after the world’s third largest broker restructured its London-based professional risks division.