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  • World’s oldest insurance market Lloyd’s announced annual profits for 2004 of £1.36bn, 28 percent down on the £1.89bn it booked in 2003. But in the light of net claims of £1.2bn from the devastating US hurricanes that hit the Caribbean and Florida last
  • Commissions and contract certainty under spotlight as Kinnect wins support John Tiner, chief executive of UK regulator the Financial Services Authority (FSA), has turned the spotlight once again on the hot topics of contract certainty and commissions.
  • LCL Group – the run-off manager to debt collections specialist – has appointed former Euclidian Underwriting Ltd chief executive Andrew Holland to become chief operating officer.
  • Run-off specialist CMGL Syndicate Management Limited (CSML) has become the managing agent of Lloyd's Syndicate 991, A. E. Grant & Others.
  • KPMG is facing a negligence action over its involvement in the collapse of Independent Insurance in 2001, according to reports.
  • Bermuda’s Renaissance Re, one of the industry’s most admired reinsurance companies, has admitted its senior management made mistakes in accounting for a finite reinsurance transaction in its delayed Securities & Exchange Commission 10-K filing.
  • The Irish insurance regulators have spoken for the first time on the probes facing the US insurance industry as the spotlight turns to Dublin – the scene of many of the finite reinsurance contracts now engulfed in controversy.
  • John Molbeck has rejoined the board of HCC Insurance Holdings only weeks after retiring as the chief executive of JLT Group’s US arm Jardine Lloyd Thompson LLC.
  • Rating agency AM Best affirmed its “A” financial strength rating of Employers Re and GE Reinsurance Corporation following a $350mn injection from GE Capital Services and a commitment to provide further support later this year.
  • Days before Lloyd’s is due to publish its 2004 Global financial results, ratings agency Moody’s has predicted that Lloyd’s is likely to produce a profit of £1.2bn – the equivalent of 9 percent of capacity – this year.