May 2006/6

Bermudian reinsurer Max Re has today filed its first quarter results, a move that should avert its delisting from the Nasdaq trading exchange.

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.

Lloyd's insurer Kiln predicted improvements for three of its four syndicates when it updated its syndicate forecasts today (31 May).

The International Monetary Fund (IMF) is to raise its concerns over the lack of (re)insurance in Ireland in a forthcoming report.

Japanese insurer Sompo Japan Insurance Inc has been ordered to suspend most of its operations at all of its domestic offices for a fortnight as a result of illegal sales practices.

An Australian judge has approved a scheme of arrangement for collapsed Australian insurer HIH Group at a sanction hearing in Sydney's Supreme Court on 26 May.

The National Oceanic & Atmospheric Association (NOAA) has forecast that 2006 will be another "very active hurricane season" in the North Atlantic.

US insurer HCC Insurance Holdings filed a $1bn "Universal Shelf" Registration Statement with the Securities and Exchange Commission (SEC) last Friday (26 May).

The London market is enjoying strong rate rises in 2006, according to trading statements from three leading quoted Lloyd's (re)insurers.

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.

Lloyd's insurer Argenta Syndicate Management Ltd has parted company with its lead underwriter John Hyland after six years at the helm of its reinsurance focussed Syndicate 2121.

Willis Group Ltd has seen further migrations from its Italian team to rival Aon Ltd following the recent resignation of the unit head, Alberto Carrara.