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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.
  • A benign conclusion to the 2006 hurricane season could speed up the softening market for non-catastrophe exposed property casualty (re)insurance worldwide.
  • 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.
  • 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.
  • Aon announced the appointment of Clive James as group managing director of Aon Insurance Managers (AIM) Global, the captive management division of Aon Captive Services Group (ACSG) last week (3 October).
  • US giant American International Group (AIG) announced last week (2 October) that it had purchased Arch Insurance’s US Ocean Marine unit.
  • Lloyd’s CEO Richard Ward has used his maiden speech to the industry to outline the challenges the Corporation faces.
  • Fitch Ratings launched the formal European “introductory period” of Prism, the agency's global insurance capital model on 4 October.