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Benfield shares fall following Fac profits warning
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.
16 October 2006
LEGAL BRIEFINGS
US and EU Legal Developments
11 October 2006
Lloyd’s open year liabilities mount
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).
11 October 2006
MMC considers Putnam sale as split speculation grows
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.
11 October 2006
JLT sells US retail business for $100mn
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
11 October 2006
Catlin makes $200mn cat bond debut
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.
11 October 2006
Syncro set to provide sidecar capacity
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.
11 October 2006
Low sidecar appeal, but ART popular with London insurers, says PwC survey
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.
11 October 2006
$1bn pipeline losses hit beleaguered energy market
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.
11 October 2006
Swiss Re withdraws $500mn of retro capacity
Up to $500mn of retrocessional capacity will be withdrawn from the market following the completion of Swiss Re’s acquisition of GE Insurance Solutions earlier this year.
11 October 2006
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