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October 2006/5

  • Max Re announced today (30 October) that its founding chief executive Bob Cooney has resigned from the Bermudian (re)insurer after the company revealed it had reopened investigations into two finite reinsurance deals.
  • The largest Lloyd’s insurer is set to be created following the agreed takeover terms of Wellington Underwriting plc by Catlin Group Ltd, The Insurance Insider can reveal.
  • Lloyd’s CEO Richard Ward has told the market he wants to see all claims transacted electronically by the end of next year.
  • Willis became the latest of the international brokers to announce job losses as part of an efficiency drive with confirmation by the company yesterday that it would cut 400 positions.
  • World number three broker Willis Group Holdings Limited reported last night (25 October) net income of $89mn or $0.56 a share for the third quarter 2006, doubling the $45mn or $0.28 a share booked in the prior-year period.
  • Bermudian-headquartered (re)insurer Aspen Insurance Holdings Ltd reported net third quarter profit of $95mn, or $0.94 per share, on 25 October.
  • IPC Holdings joined its fellow Bermudian reinsurers by bouncing back from last year’s record third quarter losses and posting a profit this year, it reported on 24 October.
  • Despite both comfortably outpacing earnings projections, Bermudian rivals ACE Limited and XL Capital met with very different responses from analysts at Morgan Stanley as they released third quarter results overnight.
  • Canopius has bought fellow Lloyd’s insurer Creechurch Underwriting Ltd in a deal that will create a £450mn capacity syndicate next year, The Insurance Insider can reveal.
  • Lloyd’s insurer Wellington plc has confirmed it is in takeover talks with rival Catlin Group Ltd.
  • Ratings agencies have responded positively to Converium’s $295mn sale of its US operations to National Indemnity on 17 October.
  • The decision of the US Court of Appeals on 18 October to deem the 9/11 terrorist attacks on the Twin Towers as one event has left both sides claiming victory.
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