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.

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).

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.

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.

Converium announced last week (3 October) it has agreed a collateral reduction on its letter of credit facility.

Leading brokers Marsh and Aon have highlighted the rapidly softening UK public indemnity (PI) market.

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.

Lloyd’s insurer Beazley Group plc announced on 4 October plans to raise £150mn in subordinated debt.

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.

A benign conclusion to the 2006 hurricane season could speed up the softening market for non-catastrophe exposed property casualty (re)insurance worldwide.

Fitch Ratings launched the formal European “introductory period” of Prism, the agency's global insurance capital model on 4 October.