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October 2006/2

  • Benfield Group has warned that trading profits are likely to be £10mn lower in 2006 than previously expected because of the loss of senior members of its facultative team to a rival firm.
  • Wellington Underwriting plc is "highly likely" to join its Lloyd's rivals Amlin plc, Hiscox plc and Omega Underwriting Holdings plc by opening a Bermudian operation by the end of the year, according to Numis Securities’ analyst Nick Johnson.
  • French insurer AXA Group announced last week (2 October) a series of managerial appointments in its Mediterranean and Japan Asia Pacific divisions as it paves the way for integration with recently acquired Winterthur.
  • Willis Group Holdings has revealed that Don Bailey will replace Mario Vitale as CEO of Willis North America.
  • A benign conclusion to the 2006 hurricane season could speed up the softening market for non-catastrophe exposed property casualty (re)insurance worldwide.
  • US giant American International Group (AIG) announced last week (2 October) that it had purchased Arch Insurance’s US Ocean Marine unit.
  • American International Group (AIG) is to turn over internal documents to Maurice “Hank” Greenberg after a judge ruled in favour of the US giant’s former chairman and CEO.
  • Benign loss conditions contributed to the US property casualty industry recording an underwriting profit of $15.1bn for the first half of 2006, according to a report from rating agency AM Best.
  • A number of (re)insurers are growing significant reserve redundancies, potentially using them to support margins and returns as the market softens, according to research by analysts at Morgan Stanley.
  • Lloyd’s CEO Richard Ward has used his maiden speech to the industry to outline the challenges the Corporation faces.
  • Wellington Underwriting Agencies Limited last week (3 October) announced the promotion of Matthew Yeldham to deputy chief underwriting officer of its managed Syndicate 2020 at Lloyd’s.
  • After building its underwriting business in France for more than a decade, Lloyd’s insurer Beazley Group plc opened its first French office, in Paris, on 3 October.
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