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AXA confirms Winterthur deal with Credit Suisse
French giant AXA announced on 14 June that it has entered into a definitive agreement with Credit Suisse Group to buy the Zurich-based company's insurance operation Winterthur for SFr12.3bn, or EUR7.9bn in cash.
19 June 2006
FP Marine Risk becomes first Lloyd's Asian broker
FP Marine Risks Limited has become the first Asian-based insurance broker to achieve full accreditation at Lloyd's.
19 June 2006
AM Best International parts company with head
AM Best has suffered the departure of another senior executive from its international operations, Insider Week can reveal.
19 June 2006
Swiss Re appoints new US head
Swiss Re - now officially the world's largest reinsurer following the completion of its GE acquisition earlier this month - is replacing its retiring US head Jacques Dubois with the former Federal Reserve vice chairman Roger Ferguson.
19 June 2006
Brit business development appointment
Brit Insurance Holdings PLC announced today (19 June) the appointment of Graham Taylor to its business development unit, which is headed by Richard Webster, business development director.
19 June 2006
XL restructures management team
Bermudian giant XL Capital announced the restructure of its management team on 15 June with Henry Keeling taking over as chief operating officer.
19 June 2006
NAIC vote moves to end US collateral requirements
The National Association of Insurance Commissioners (NAIC) voted last week to take the first steps towards scrapping the "full collateral" requirements imposed on non-US-based reinsurers.
19 June 2006
Royal & Sun Alliance to cut over 1500 jobs; shares rise
UK general insurer Royal & Sun Alliance has unveiled plans to cut over 1500 jobs in an efficiency drive that will save the group £130mn in annual costs.
19 June 2006
S&P confirms Swiss Re downgrade as GEIS deal closes
Rating agency Standard & Poor's (S&P) confirmed on 12 June that Swiss Re's acquisition of GE Insurance Solutions (GEIS) has cost the reinsurer its AA rating, which has been downgraded a notch to AA-.
19 June 2006
Whittington sells new syndicate
Insurance service provider Whittington signed a conditional agreement on 15 June to sell its newly formed Lloyd's Managing Agency and specialist Asian syndicate, Alba, to Insurance Australia Group (IAG).
19 June 2006
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