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London News Digest - July 2005
In our regular monthly News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.
21 July 2005
Integro continues its Marsh harvest
Integro Ltd, the Bob Clements' inspired broking start-up, has continued to find Marsh Inc fertile territory to harvest new recruits.
21 July 2005
Converium steps up pace in search for new chief executive
Swiss reinsurer Converium has begun the search for a replacement to its chief executive Terry Clarke who stepped in earlier this year following the ousting of Dirk Lohmann in the wake of the company's much publicised difficulties.
21 July 2005
Munich Re downgraded on reserve boost
World's largest reinsurer Munich Re has met with a mixed response from ratings agencies following its 19 July announcement that it has increased reserves at its US subsidiary American Re by $1.6bn, cutting group second quarter earnings by EUR0.4bn...
21 July 2005
GoshawK shareholder revolt falls flat
The revolt of Goshawk's shareholders came to an abrupt end this month when the company's largest shareholders, Phoenix Asset Managers, failed to gain backing for any of its proposals at the company's AGM.
21 July 2005
Equitable drops sale proceeds claim
Mutual insurer Equitable Life has dropped the lion's share of its case against its former auditor Ernst & Young (E&Y), reducing its claim for damages to £700mn against the original £2.05bn figure.
21 July 2005
XL disappoints investors
ACE's Bermudian contemporary XL continues to suffer its own legacy issues, unveiling a further boost to its US reinsurance reserves this month, which included a $64.7mn pre-tax increase for its workers' compensation reserves.
21 July 2005
Omega given deadline over Hardy merger talks
Omega Underwriting Holdings plc has until the 1 August to table a fresh offer for its fellow Lloyd's insurer Hardy Underwriting Group plc or withdraw its interest, according to a ruling from the London Stock Exchange Panel Executive.
21 July 2005
Abacus bucks trend with 2006 expansion plan
Abacus Syndicates is bucking the trend among Lloyd's insurers, by applying to expand both its Syndicates' capacity next year.
21 July 2005
Oxygen recruits first broking teams from Marsh
Nigel Barton's greenfield insurance intermediary Oxygen Insurance Brokers has signed up its first heavyweight London market broking teams.
21 July 2005
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