October 2006/4

Moody’s Investors Service became the latest rating agency to upgrade French (re)insurer SCOR to the all-important “A” territory on 13 October.

AXA Group announced today (16 October) that it had agreed to acquire Greek insurer Alpha Insurance for EUR225mn.

Royal & Sun Alliance Insurance Group plc revealed a group restructuring last week to reflect the focus of the company into its UK, International and emerging markets.

Stephen Snook has led a four-man team from Markel International to form a UK property team at Navigators.

South African financial services company Alexander Forbes said it expects earnings per share for the first half of the year to be down by 25-35 percent because of a number of exceptional costs...

Swiss reinsurer Converium received approval from the Malaysian regulator on 10 October to write retakaful reinsurance through its local office.

Rating agency AM Best is to assess the “tail risk” attached to sidecar operations that are inadequately capitalised.

Despite making significant progress over the last decade Lloyd’s run-off vehicle Equitas is “not out of the woods yet”, according to Marcus Rivaldi, a director at Standard & Poor’s (S&P).

Lloyd’s insurers have geared up balance sheets to cash in on attractive post-Katrina underwriting conditions, according to research by equity house Numis Securities Ltd.

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.

Benfield Group’s unexpected profits warning today (16 October) is likely to focus attention on the firm’s new Corporate Risk division which has found the going tougher than expected.