• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
Insurance Insider is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

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.
  • 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.
  • 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.
  • 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.
  • Bermudian giant ACE announced last Friday (26 May) it has promoted Brian Dowd to CEO of its North American insurance operating division.
  • Bermudian reinsurer RenaissanceRe has elected Henry Klehm III to its board of directors - bringing the total on the board to 11 of which nine are independent.
  • The International Monetary Fund (IMF) is to raise its concerns over the lack of (re)insurance in Ireland in a forthcoming report.
  • London market broker Glencairn Ltd today (30 May) announced the opening of its Moscow office.
  • Bruce Carnegie-Brown resigned unexpectedly as president and CEO of the Europe and Middle East region of Marsh Inc last week, after just three years at the firm.
  • Aspen Re, the UK subsidiary of Bermudian company Aspen Holdings, has announced the expansion of its portfolio with a new International Property Facultative team.
  • Fast-growing start-up broker Integro has announced two more new appointments in the last week.
  • 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.
  • 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.