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Lloyd's close to agreeing next CEO
Outsiders led by Dr Ward head short-list. As the short-list of candidates to become the next Lloyd’s chief executive undertake their final presentations, it is likely the three hundred-year-old Society will be in a position to announce...
16 February 2006
Lloyd's heavyweights gang-up following Kinnect demise
Despite the closure of Kinnect, an elite group of Lloyd’s insurers have banded together to drive down trading costs in London. A breakaway group of powerful Lloyd’s insurers has combined with a view to co-operate on areas of mutual benefit...
16 February 2006
SCOR and AXA Re linked
French reinsurers SCOR and AXA Re – the reinsurance arm of insurance giant AXA – were linked last week following an article in Les Echos. The potential acquisition of AXA Re would give SCOR further scale while...
13 February 2006
Omega: Receives Bermuda licence; rating affirmed
Lloyd’s insurer Omega Underwriting Holdings plc had its application to join the Bermuda insurance market approved late last month. Omega Specialty Insurance Company Ltd was granted a class three licence according to a 27 January bulletin from the...
13 February 2006
AIG overhauls aviation management following Starr migrations
Following the weeks of turmoil between American International Group (AIG) and the Hank Greenberg controlled Starr agencies, AIG has overhauled the management team of its aviation unit. Long-serving AIG executive David Hupp has replaced...
13 February 2006
Lloyd’s head of strategy exits
Only a month after Lloyd’s unveiled an ambitious three-year strategic plan, the Corporation has parted company with its head of business strategy as of last week. Since joining Lloyd’s in 2003, Stuart Degg led the development of Lloyd’s...
13 February 2006
Hanson plc part-settles asbestos litigation
The former British conglomerate Hanson plc revealed today (13 February) that an asbestos-hit US subsidiary has reached a settlement with its liability insurers. According to the group, the settlement is effective from January 2006 and resolves...
13 February 2006
Max Re scrapes 2005 profit as prior-year loss hits Q4
Bermudian (re)insurer Max Re reported an $11.4mn or 20 cents a share, fourth quarter net loss and a full-year net profit of $6.7mn, or 13 cents a share for 2005, primarily as a result of a $129.7mn loss development on a prior-year contract.
13 February 2006
Aon shares leap on positive results
Chicago-based broker Aon reported a 35 percent rise in net income of $737mn or $2.17 per share, for 2005. In the fourth quarter net income trebled from $81mn, or $0.24 per share, in 2004 to $224mn or $0.65 per share last year...
13 February 2006
XL unveils $1.3bn loss following storms and Winterthur blow
XL Capital unveiled its largest ever full-year trading loss at $1.29bn following 2005’s devastating hurricane losses and the adverse Winterthur arbitration decision which cost the Bermudian giant a further $808.9mn.
13 February 2006
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