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HCC parts with founder following options probe; shares fall
Stephen Way has become the latest "A list" US insurance executive to suddenly resign from his company following regulatory scrutiny into its activities.
20 November 2006
Ex JLT exec to head RK Harrison
RK Harrison Insurance Brokers Ltd, the independent London market brokers, will appoint the former Jardine Lloyd Thompson Group executive Dominic Collins to replace its retiring executive chairman, Richard Corfield.
20 November 2006
Arrowpoint spin-off depends on Delaware
It took 18 months for ACE Ltd to persuade the Pennsylvania Insurance Commissioner to approve the sale of its asbestos riddled Brandywine subsidiaries, so R&SA shareholders might be in for a long wait before they see their US legacy business spun-off.
17 November 2006
WFUM creditors vote on scheme
Creditors for all 16 of the participants in the proposed WFUM pool scheme of arrangement met in London on 27 October.
17 November 2006
Converium's stock rises on US sale
Swiss reinsurer Converium’s share price continued its upward trajectory after announcing the $295mn sale of its US operations to National Indemnity last month.
17 November 2006
Benfield profit warning follows fac exodus
Benfield Group warned last month 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.
17 November 2006
ACE applauded over XL in strong earnings
Despite comfortably outpacing third quarter earnings projections, Bermudian rivals ACE Limited and XL Capital met very different responses from analysts at Morgan Stanley.
17 November 2006
Fitch sets record straight on diversification
Fitch Ratings has decided to “set the record straight” following industry criticism that rating agencies are putting pressure on (re)insurers to diversify.
17 November 2006
Lloyd’s draws new start-ups
Start-ups and pre-emptions suggest 2007 expansion
17 November 2006
London News Digest
Hiscox $360mn sidecar Panther Re receives rating; Alchemy Partners looks to Lime Street for gold; R&SA in line with Q3s; buys UK agency; Endurance pulls out of offshore energy; UK trial date set for ‘Independent Three’; FSA accepts sidecar applications...
17 November 2006
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