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  • 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.
  • US and EU Legal Developments
  • Lloyd’s post-Equitas open year liabilities increased by £0.3bn last year and have become the “elephant in the room” of UK run-off, according to Philip Grant, chairman of the Association of Run-off Companies (ARC).
  • Broker announces further restructuring with 750 job cull Marsh & McLennan Inc (MMC) revealed on 19 September that it is mulling the sale of its Putnam Investments subsidiary.
  • In a strategic volte-face, Jardine Lloyd Thompson Group plc (JLT) announced last month the sale of its US property casualty and employee benefits operations to Alliant Insurance Services Inc for $100mn (£53.3mn) little more than three years after revealin
  • Bermuda-headquartered Catlin Group confirmed on 27 September that it is entering into a catastrophe swap agreement that would provide it with coverage of up to $200.25mn for global natural catastrophes.
  • In addition to Thunderbird Re, Lloyd’s syndicates may have a new form of exclusive contingent capital available to them for next year in the form of a Bermuda domiciled special reinsurance vehicle, Syncro Ltd.
  • Despite the growing popularity of sidecars, executives in the London market are not convinced about their merits, according to findings by PricewaterhouseCoopers (PwC) for its 2006 London Insurance Market survey.
  • Energy underwriters face further pain out of last year’s devastating KRW hurricanes with at least $1bn of additional pipeline losses still to come through.
  • Up to $500mn of retrocessional capacity will be withdrawn from the market following the completion of Swiss Re’s acquisition of GE Insurance Solutions earlier this year.