November 2006/5
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Reinsurance broker Guy Carpenter is leading a consortium of brokers, including Aon Corp and Jardine Lloyd Thompson, which will place Brazil’s largest property contract in the January renewals.
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The Lloyd’s Market Association’s (LMA) has announced that its chief executive Simon Sperryn, will leave the association at Christmas 2006.
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Industry legend Hank Greenberg and his Starr companies have sold over 27 million shares in his former company, American International Group (AIG), since May.
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Insurers Royal & Sun Alliance Insurance Group (R&SA) and Zurich Financial Services (ZFS) both unveiled strategies for expanding into Eastern Europe this week.
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Lloyd’s insurer Kiln plc increased the forecasts on the bulk of its syndicates when it updated the 2004-5 years in a trading statement on 24 November.
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AIM-listed Heritage Underwriting Agency plc announced on 24 November that it has raised £14.6mn in a share placement.
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Quoted Lloyd’s insurer Chaucer Holdings plc posted an upbeat trading statement on 23 November with improvements on 2004 and 2005 forecasts and an optimistic outlook for next year.
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Omega Underwriting Holdings plc’s move to Bermuda was endorsed by Numis Securities analyst Nick Johnson last week (22 November).
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UK regulator the Financial Services Authority (FSA) fined Berkshire Hathaway subsidiary General Reinsurance UK £1.225mn last week for arranging two improper reinsurance transactions.
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Lloyd’s insurer Kiln appointed Keith Land as CEO of its newly formed Kiln Asia operation on 23 November.
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UK motor insurers were propped up by reserve releases and investment returns after experiencing a £200mn underwriting loss last year, according to analysis from Deloitte & Touche.
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Catastrophe modelling agency Risk Management Services (RMS) has reiterated its medium-term five-year view on the probability of Atlantic storm losses as above average from next year, despite 2006’s placid storm season.
