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.

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

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.

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.

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.

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).

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.

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 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 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.

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