May 2006/5
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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.
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Embattled Bermudian (re)insurer Quanta Capital Holdings will move most lines of business into run-off, the company announced today (26 May).
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The London market is enjoying strong rate rises in 2006, according to trading statements from three leading quoted Lloyd’s (re)insurers.
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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.
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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.
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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.
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Heritage Underwriting Agency plc – the Lloyd's insurer planning to float on the Alternative Investment Market (AIM) – has seen its star underwriter resign suddenly.
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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.
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Swiss Re has issued a $160mn Cat bond that covers Mexican earthquakes – the first time a sovereign country has securitised its natural catastrophe exposures.
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Bermudian giant ACE Ltd confirmed announced that Brian Duperreault, chairman of the board, will retire from the company at the end of the month.
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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.
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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".
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The London Stock Exchange’s two-week decline has continued to impact on the share price of the London Market’s listed insurers.
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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.
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Lloyd’s run-off vehicle Equitas has reached a $90mn settlement with US firm WR Grace & Co over its asbestos liabilities.
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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.
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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.
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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.
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French reinsurer SCOR has reported a 61 percent rise in its first quarter income to EUR53mn from EUR33mn in the prior-year period.
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UK broker Windsor plc reported a 16 percent rise in brokerage and fees today (22 May) for the six months ending 31 March 2006.
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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...
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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.
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Start-up US wholesale broker Mercator Risk Services Inc has hired Michael Connelly as senior vice president and manager of its Midwest Casualty operation.
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Rodney Adler, the former director of failed Australian insurer HIH, failed last week in an attempt to have his jail term reduced.
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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.
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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.
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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...
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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).
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Jeremy Cooke - the former head of Marsh's Inc wholesale broking operations - has returned to MMC as a senior operations advisor.
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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.
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UK-listed Jardine Lloyd Thompson Group plc (JLT) announced on 18 May that it has become the latest Western broker to receive approval from regulators for a Chinese (re)insurance broking operation.
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Swiss reinsurer Converium has appointed two new members to its global executive committee as new CEO Inga Beale continues to build her team.
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Bermudian-headquartered reinsurer Imagine Group Holdings has appointed Gregory Morrison as president and CEO, filling the gap left by the surprise departure of founding chief Brad Huntington last year.
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