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  • GCFac, the facultative arm of reinsurance broker Guy Carpenter, has bolstered its ranks with the launch of a structured risk team headed by former Jardine Lloyd Thompson (JLT) broker John Lobek.
  • In its first year as an independent entity, the London market broker Glencairn Ltd unveiled a 47 percent increase in operating income to £14.575mn for 2002.
  • Western governments have continued their rescue of financial institutions with the EUR11.2bn bail-out of Benelux banking and insurance giant Fortis yesterday and confirmation of the nationalisation of UK mortgage lender Bradford & Bingley (B&B).
  • Some 5,000 properties in Christchurch, New Zealand will be abandoned under a government plan unveiled today (23 June)
  • Lloyd’s specialist insurer Hardy has announced the appointment of George Doughty as underwriter for political risks, a class of business it has not provided until now.
  • Shares in American International Group Inc (AIG) fell 7 percent to close at $33.93 Friday after it emerged the company is being investigated by the Securities and Exchange Commission (SEC) over its valuation of contracts linked to sub-prime mortgages.
  • US insurer and Omega suitor Delphi Financial Group reported first quarter operating earnings of $51.5mn, up 11 percent year-on-year
  • The growing trend for (re)insurance securitisations was demonstrated last week with a $200mn Cat bond launched by Japanese (re)insurer, Tokio Marine & Nichido Fire Insurance Co Ltd.
  • Shipowners were warned last week about the growing threat of piracy around the Horn of Africa.
  • Proposed start-up Leinster Group Ltd has refused to acknowledge defeat but the prospect of a launch on the Lloyd’s platform looks bleak after the Society rejected its application.