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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.
  • 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 Limited’s Risk Management Solutions (ARMS) division launched a Security Insurance offering on 6 October that will allow companies to fund major business initiatives while providing long-term financial security to third parties.
  • Leading brokers Marsh and Aon have highlighted the rapidly softening UK public indemnity (PI) market.
  • 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.
  • 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.
  • Converium announced last week (3 October) it has agreed a collateral reduction on its letter of credit facility.
  • 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.
  • Willis Group Holdings has revealed that Don Bailey will replace Mario Vitale as CEO of Willis North America.
  • 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.