May 2006/6

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.

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).

Heritage Underwriting Agency plc is still keen to proceed with its planned Alternative Investment Market (AIM) flotation despite the sudden resignation of its renowned underwriter, Les Rock.

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.

Electronic reinsurance trading platform RI3K has teamed up with back-office provider Xchanging to launch the Framework for the Electronic London Insurance eXchange (FELIX).