November 2003/3

The UK’s second largest general insurer Brit Insurance Holdings Plc has bolstered its casualty arm by appointing four new underwriters, including former Limit director Peter Battle.

Aviation lawyer Sean Gates has launched a new legal practice specialising in aerospace, commercial and private equity law. Gates and Partners will include Dan Soffin, and Adosh Chatrath, both former partners with Gates’ former practice Beaumont and Son.

XL Re Europe announced last week the opening of its Paris underwriting office. The office will underwrite non-life business in France, Belgium and Luxembourg, and will be headed up by the current head of the company’s property department Jeremy Hindle.

National Association of Insurance Commissioners (NAIC) president Mike Pickens has advocated modernisation of state insurance regulation in the US, but baulked at suggestions that power should be taken away at the state level, as some have suggested with p

AM Best has reaffirmed the ‘A’ (Excellent) financial strength rating of Lloyd's Syndicate 510, the RJ Kiln-managed Lloyd’s syndicate, citing excellent current and prospective operating performance and business position.

Aon, the world’s second largest insurance broker, saw its net income fall by nearly 10 percent in Q3 2003 on the back of losses at its discontinued automobile finance servicing business, according to its results published last week.

Liability start-up Illium announced last week that it had received Lloyd’s approval for its Syndicate 4040 to begin underwriting from 1 January 2004 with significant backing from US insurer HCC Insurance Holdings secured.

Lloyd’s announced last Friday (7 November) that use of the LMP slip will be mandatory from the beginning of 2004, a move backed by the major market associations and heralded as the crucial first step to streamlining backward business processes.

Sirius International – the Swedish insurer long suffering under the weight of parent ABB Group’s troubles – will be rescued in an acquisition planned by broker market US reinsurer Folksamerica.

Insurer CNA surprised the markets last week with news that it would push back the date of its earnings announcement from 6 November to 12 November.

GoshawK has parted company with its chief executive Chris Fagan as part of a management reshuffle, the company announced on 10 November.

Heath Lambert Group, the world’s seventh largest broker, has unveiled a management shuffle as part of a financial restructuring which may end speculation about the Group’s future.