November 2006/5

The Lloyd’s Market Association’s (LMA) has announced that its chief executive Simon Sperryn, will leave the association at Christmas 2006.

The nine shareholder members that are departing Oil Insurance Ltd at the end of the year will face a collective bill of $200mn for leaving the energy mutual.

Despite losing three of its four underwriting heads this summer, Bermuda-domiciled Aspen Insurance Holdings (AIH) has seen its Bermudian and UK operating subsidiaries’ ratings affirmed by AM Best.

Bermudian-headquartered (re)insurer Lancashire Holdings Ltd said it is looking forward to a “healthy” 2007 in a trading statement released on 21 November.

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.

Lloyd’s insurer Kiln appointed Keith Land as CEO of its newly formed Kiln Asia operation on 23 November.

St Paul Travelers has announced that Steve Eccles has been appointed active underwriter for its Lloyd’s Syndicate 5000.

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.

Run-off services provider CMGL has announced the appointment of Robert Bisson as general manager of its French operations.

Insurers Royal & Sun Alliance Insurance Group (R&SA) and Zurich Financial Services (ZFS) both unveiled strategies for expanding into Eastern Europe this week.

The sudden departure of HCC Insurance Holdings chairman and CEO Stephen Way has prompted a mixed approach from the two main rating agencies.

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.