November 2003/3

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.

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.

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.

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.

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.