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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 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.
  • Embattled Bermudian (re)insurer Quanta Capital Holdings will move most lines of business into run-off, the company announced on 26 May.
  • 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 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.
  • 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.
  • Electronic reinsurance trading platform RI3K has teamed up with back-office provider Xchanging to launch the Framework for the Electronic London Insurance eXchange (FELIX).
  • 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.
  • The National Oceanic & Atmospheric Association (NOAA) has forecast that 2006 will be another "very active hurricane season" in the North Atlantic.
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