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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 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.
  • Bermudian giant ACE announced last Friday (26 May) it has promoted Brian Dowd to CEO of its North American insurance operating division.
  • Aspen Re, the UK subsidiary of Bermudian company Aspen Holdings, has announced the expansion of its portfolio with a new International Property Facultative team.
  • 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.
  • Embattled Bermudian (re)insurer Quanta Capital Holdings will move most lines of business into run-off, the company announced on 26 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.
  • 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.
  • 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.
  • Fast-growing start-up broker Integro has announced two more new appointments in the last week.
  • UK broker Windsor plc has acquired the remaining minority interests in Argonaut Indemnity to become the sole owner of the company.
  • London market broker Glencairn Ltd today (30 May) announced the opening of its Moscow office.
  • 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.