October 2006/5
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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.
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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.
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Lloyd’s CEO Richard Ward has told the market he wants to see all claims transacted electronically by the end of next year.
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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.
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Bermudian-headquartered (re)insurer Aspen Insurance Holdings Ltd reported net third quarter profit of $95mn, or $0.94 per share, on 25 October.
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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.
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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.
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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.
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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.
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Lloyd’s insurer Wellington plc has confirmed it is in takeover talks with rival Catlin Group Ltd.
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US-headquartered Arthur J Gallagher & Co announced last week (19 October) that Patrick Gallagher Jr will add the post of chairman of the board to his current responsibilities as president and CEO of the broker.
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Specialist insurer Hardy Underwriting Group plc received approval from Lloyd’s for its new Syndicate 3820 on 19 October.
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The UK run-off company Axiom Consulting has put itself up for sale, our sister title The Insurance Insider revealed last week (19 October).
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The first senior Lloyd’s executive to leave under the new regime of Richard Ward is Steve Quiddington, the Corporation’s former director of Operations.
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The insurance industry must make attracting and retaining young talent one of its highest priorities, according to Marsh.
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Listed broker Jardine Lloyd Thompson Group plc has beaten off fierce competition to win the contract as insurance construction partner for the London Olympics in 2012.
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Independent broker BMS Group has appointed ex-banker Alexander Johnston as its non-executive chairman.
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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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Rating agency Fitch last week provided an update to its unsolicited Q-IFS ratings for German insurers that sparked controversy ahead of their launch last year.
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The London market’s pool of (re)insurance talent is unmatched anywhere in the world according to Jacques Aigrain, CEO of Swiss Re.
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Few of the 34,000 Lloyd’s Names who reinsured themselves into Equitas in 1996 probably thought it would happen, but it is now possible they will receive a small windfall following Friday’s (20 October) transaction with Berkshire Hathaway.
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Mike Walker has replaced Tony McMahon as head of KPMG’s Restructuring Insurance Solutions Practice.
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Fairfax Financial Holdings controlled reinsurer Odyssey Re restated its results for the past five years on 16 October, correcting accounting errors relating to its investments.
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Reliance National Insurance received High Court approval for its solvent scheme of arrangement last Friday (20 October) as the proposal passed unopposed.