November 2004/4

Lloyd’s broker Agnew Higgins Pickering has announced the retirement of Chairman Tony Pickering.

ACE announced today a reshuffle of senior executives at its Bermudian and European operations, with current ACE Bermuda president and CEO Andrew Kendrick moving back to London to take on the role of chairman and CEO of ACE European Group.

German giant Allianz shrugged off the impact of US hurricane losses to more than double net profit for the first nine months of the year from €732mn last year to EUR1.8bn, with contributions across the board – including once-ailing Dresdner Bank, which co

Directors and employees of brokers Benfield have sold stocks worth £38mn as part of a placing of over 12 percent of the company's shares.

Aviation insurance rates continue to fall, according to the latest quarterly review from broker Aon, which compiles data on renewals.

Lloyd's insurer Wellington has outsourced its procurement of external professional advisors to back-office specialist Xchanging.

Lloyd's announced on 10 November that it had successfully set terms for its £500mn subordinated debt issue after an extensive road show that took it to investors in the UK and continental Europe.

Embattled superbroker Marsh was given a minor fillip last week (11 November) as it received, along with world and UK numbers two and three Aon and Willis, notice that UK regulator the Financial Services Authority (FSA) is “Minded to Authorise” (MTA) the b

Royal & Sun Alliance (R&SA) released analyst beating interim results last Thursday (11 November) as its ongoing operations continue to prosper.

After several months of speculation, Berkshire Hathaway backed insurance company Euclidian will announce tomorrow (16 November) that its Lloyd’s Syndicate 1243 is to be placed into run-off and will not take on any new business for the 2005 year.

Rating agency Moody’s has upgraded its performance rating on Imagine Underwriting Syndicate 994 to “C+ Below Average” from “C Below Average”, with a positive outlook.

Sirius completes Tryg buy Bermuda’s White Mountains Re continued its rapid expansion with the completion of subsidiary Sirius International Insurance Corporation’s acquisition of fellow Scandinavian company Tryg-Baltica Forsikring.