October 2006/3

A tsunami is expected to hit northern Japan and Russia today (15 November), the US Pacific Tsunami Warning Center has warned.

Munich Re, the world’s second largest reinsurer, raised its full year earnings forecast and announced its first ever share buy-back today (7 November) as it became the latest industry carrier to benefit from the benign claims season.

Lloyd’s post-Equitas open year liabilities increased by £0.3bn last year and have become the “elephant in the room” of UK run-off, according to Philip Grant, chairman of the Association of Run-off Companies (ARC).

Bermuda-headquartered Catlin Group confirmed on 27 September that it is entering into a catastrophe swap agreement that would provide it with coverage of up to $200.25mn for global natural catastrophes.

In a strategic volte-face, Jardine Lloyd Thompson Group plc (JLT) announced last month the sale of its US property casualty and employee benefits operations to Alliant Insurance Services Inc for $100mn (£53.3mn) little more than three years after revealin

This month, The Insurance Insider has two reasons to celebrate. It is not only our 100th issue – a feat in itself – but also ten years since the publication was born.

Fresh from Alba sale, Whittington plans new Lloyd’s syndicate The trio of senior Aspen Insurance Holdings Ltd executives who have resigned from the reinsurer in the past few months are planning a start-up reinsurer that is likely to have a Lloyd’s plat

US and EU Legal Developments

In addition to Thunderbird Re, Lloyd’s syndicates may have a new form of exclusive contingent capital available to them for next year in the form of a Bermuda domiciled special reinsurance vehicle, Syncro Ltd.

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.

Despite the growing popularity of sidecars, executives in the London market are not convinced about their merits, according to findings by PricewaterhouseCoopers (PwC) for its 2006 London Insurance Market survey.

Quoted Lloyd’s insurers Hardy Underwriting Group plc and Advent Capital Holdings plc are taking the final steps towards achieving the buy-out of remaining Names’ capital.