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May 2006/6
  • Restatements to cost Max Re $18.3mn; Q1 results avert delisting threat
    Bermudian reinsurer Max Re has today filed its first quarter results, a move that should avert its delisting from the Nasdaq trading exchange.
    01 June 2006
  • Kiln forecasts improvement
    Lloyd's insurer Kiln predicted improvements for three of its four syndicates when it updated its syndicate forecasts today (31 May).
    31 May 2006
  • Allianz restructures; exits marine reinsurance
    Insurance giant Allianz unveiled the restructuring of its large corporate risks units this week while also confirming it was exiting marine reinsurance business after last year’s destructive storm losses.
    31 May 2006
  • Alea sells US arm to Hannover Re subsidiary
    The run-off (re)insurance group Alea Group Holdings Ltd has sold its US insurance arm to a unit of Praetorian Financial Group Inc, the US specialty arm of Hannover Re.
    30 May 2006
  • Benfield potential factored into stock, says analyst
    Analysts from Merrill Lynch have downgraded shares in broker Benfield to neutral noting that, although they believe the company is "entering a phase of rapid earnings growth", this is largely reflected in the current share price.
    30 May 2006
  • London Market welcomes contract documentation initiative
    Key parties in the London Market, including the London Market Association (LMA), the G6 and Xchanging have welcomed Lloyd's CEO Richard Ward's contract documentation initiative, which was announced last Monday (22 May).
    30 May 2006
  • Hammond joins Alexander Forbes
    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.
    30 May 2006
  • NOAA adds to gloomy hurricane forecasts
    The National Oceanic & Atmospheric Association (NOAA) has forecast that 2006 will be another "very active hurricane season" in the North Atlantic.
    30 May 2006
  • HCC files $1bn shelf registration
    US insurer HCC Insurance Holdings filed a $1bn "Universal Shelf" Registration Statement with the Securities and Exchange Commission (SEC) last Friday (26 May).
    30 May 2006
  • High Court sanctions first Lloyd's Part VII syndicate transfer
    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.
    30 May 2006
  • BP Marsh continues to grow
    BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services related companies, grew its net asset value by 16.3 percent last year.
    30 May 2006
  • Converium back in black from declining income
    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.
    30 May 2006
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