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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...
  • 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.
  • Speculation that UK broker Jardine Lloyd Thompson Group plc was considering a strategy of focussed regional growth was quashed last week (31 October) when the company announced a major restructuring that includes greater integration of its two separately.
  • Hiscox will depend on up to £87.5mn of qualifying quota share capacity next year as its flagship Lloyd’s Syndicate 33 expands to a record size of £962.5mn, according to a business plan submitted to Lloyd’s.
  • Liquidators for failed Australian insurance company HIH have been given the go-head to sue Lloyd’s Limit Syndicate 386 for Aus$54mn.
  • 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.
  • Alchemy Partners, the private equity firm founded by Jon Moulton, had thus far avoided the temptations of Lime Street but this all changed with its £113mn acquisition of short-tail specialist Cathedral Capital, last week.
  • 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.
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