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November 2006/5

  • 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.
  • The Lloyd’s Market Association’s (LMA) has announced that its chief executive Simon Sperryn, will leave the association at Christmas 2006.
  • Industry legend Hank Greenberg and his Starr companies have sold over 27 million shares in his former company, American International Group (AIG), since May.
  • Insurers Royal & Sun Alliance Insurance Group (R&SA) and Zurich Financial Services (ZFS) both unveiled strategies for expanding into Eastern Europe this week.
  • 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.
  • AIM-listed Heritage Underwriting Agency plc announced on 24 November that it has raised £14.6mn in a share placement.
  • 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.
  • Omega Underwriting Holdings plc’s move to Bermuda was endorsed by Numis Securities analyst Nick Johnson last week (22 November).
  • 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.
  • XL Capital, which announced the first of the post-Katrina sidecars Cyrus Re in November last year, has launched a new Cayman Islands special purpose reinsurance vehicle, Stoneheath Re.
  • Perhaps demonstrating the capital market’s restraint over supporting new reinsurance ventures, a trio of start-ups in the sector that were mooted to list on the London Stock Exchange’s Alternative Investment Market (AIM) look increasingly unlikely to proc
  • The Lloyd’s Corporation has brought in David Harris - a senior representative of the G6 group of London market insurers – on secondment, as the three-hundred-year-old Society agrees a number of changes to improve the service it provides.