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November 2006/1

  • American International Group (AIG), the world’s largest insurance company by value, was the latest firm to unveil strong third quarter results on the back of a benign 2006 claims environment.
  • Resurgent UK insurer Royal & Sun Alliance (R&SA) reported steady third quarter earnings with a group combined operating ratio of 93.1 percent and an operating result up 21 percent at £590mn (analysts’ consensus £592mn).
  • Bermudian-based energy mutual Oil Casualty Insurance Ltd (OCIL) was stripped of its key A- rating by Standard & Poor’s (S&P) earlier this week.
  • Zurich Financial Services (ZFS) has appointed the head of Royal Bank of Scotland (RBS) Insurance Annette Court to become the chief executive of its European General Insurance operations. Court, who will also become a member of the insurance giant's...
  • Axis Capital reported strong third quarter earnings of $226.2mn last week but founding chief executive John Charman used the opportunity to warn over “irrational and unmonitored competition” which is fuelling downward pricing pressures in a number of...
  • Broking giant Aon Corp came in below analyst estimates last Thursday (2 November) with its third quarter results but five percent growth in its core broking business will be better received by shareholders. The Chicago-headquartered firm reported...
  • Marsh Inc’s chief executive Brian Storms has parted company with another senior executive following the announcement last week that the broking giant was to make its President William (Bill) Malloy redundant.
  • There were few surprises as Marsh & McLennan Companies, Inc (MMC) released a steady set of third quarter last Wednesday (1 November), with consolidated revenues up four percent to $2.9bn on the prior-year period.
  • UK regulator the Financial Services Authority (FSA) has begun to accept applications for sidecar-style insurance special purpose vehicles (ISPVs) from today (6 November), following approval of its proposals to make ISPVs more attractive.
  • Alchemy’s acquisition of the Lloyd’s insurer Cathedral Capital is not the largest private equity deal in Lime Street – that honour goes to the £430mn buy-out of the motor insurer Cox Insurance (now Equity) last year.
  • Helix UK Ltd, the claims management firm owned by broking group SBJ Ltd, announced last week that it has won a new account from Duncanson & Holt Syndicate Management Ltd.
  • The 1,700 policyholders who bought insurance from the unauthorised insurer CIC will receive compensation following a UK High Court decision last week.