October 2006/1

RenaissanceRe founder and former chairman and CEO Jim Stanard and two other ex-employees of the Bermudian reinsurer have been charged with securities fraud by the Securities and Exchange Commission (SEC) over a finite reinsurance transaction.

Lloyd’s announced last week (27 September) half year pre-tax profits of £1.35bn – marginally down on the £1.38bn booked at the same stage last year – as strong underwriting results in benign conditions were offset by a fall in investment income.

With last week’s move by UK insurer Royal & Sun Alliance Group plc (R&SA) to clear the decks on its US legacy issues, speculation has begun to mount that the move may pave the way for renewed interest from potential bidders for the company...

Provisional liquidator Grant Thornton last week announced creditor approval for its proposed UIC Insurance Company Limited scheme of arrangement that looks set to boast the rare distinction of paying out more than 100p in the £1. If the scheme is...

Aon Re Global appears to have pulled off a coup with the hiring of Elliot Richardson, currently head of facultative reinsurance at rival Benfield Group, to run its global Fac operation. According to market sources, Richardson may be joined by up to forty

The sale of Hastings Insurance Services Ltd has focused attention on the future ownership of Lloyd’s insurer Creechurch Underwriting Ltd, which is also controlled by industry entrepreneur David Gundlach. Last week, the Insurance Australia Group (IAG)...

The Conservative Party Treasurer and former Jardine Lloyd Thompson Group plc director Jonathan Marland has led an investor group of City grandees that has acquired the Lloyd’s investment fund manager, Insurance Capital Partners LP (ICP). ICP...

Despite improvements in underwriting, an increased tax burden and lower investment results meant the US property & casualty insurance industry saw its net income after tax fall almost ten percent in the first half of 2006. According to figures from ISO..

The prospect of mandatory disclosure of broker commissions in the UK took a step closer today (2 October) following a speech by the Financial Services Authority (FSA) chief executive John Tiner. The head of the UK’s regulatory authority said it was...

Lloyd’s has announced plans to overhaul its annual venture in a bid to tackle complaints that its current structure adds costs and restricts management flexibility. In an announcement today (2 October), the Society has come up with two proposals...