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  • Lloyd’s insurer Wellington Underwriting plc has completed its search to replace retiring chief executive Julian Avery by continuing the trend of London market companies appointing investment bankers.
  • Nick Metcalf, the former head of XL Capital’s London market operations, is set to return to underwriting by joining the fast expanding (re)insurer Arch Capital Group Ltd.
  • Scandinavia’s general insurers are expected to continue churning out strong results in 2004 said Standard & Poor’s (S&P) as the rating agency published a report on Friday (20 August) maintaining its stable outlook on the sector.
  • Swiss reinsurer in crisis Converium confirmed last week (20 August) that it is on track for a 31 August announcement detailing actions it will take to shore up its capital base in the aftermath of last month’s shock $385mn reserve charge and profits warni
  • Despite its status as the second largest hurricane loss in US history, reports suggest that Hurricane Charley will have less impact on insurers than initially expected.
  • Despite increasing half-year net profits by 93 percent to an impressive $1.448bn, the spectre of US legacy business returned to haunt Zurich Financial Services (ZFS) as the insurer revealed it had boosted net reserves by $656mn, with $582mn targeted at it
  • Amlin smoothed fears over falling rates last week by providing a reassuring assessment of market conditions, while also improving slightly the forecasts on its 2002 and 2003 underwriting forecasts.
  • A benign loss environment has continued to be a key factor for aviation insurers according to the latest review of the sector by US super broker Aon.
  • Moody’s has downgraded its financial strength ratings on a number of Centre Re subsidiaries because of a lack of support from its parent company, Zurich Financial Services.
  • The decline and fall of US independent broker Near North was heightened last week when the Chicago Transit Authority sued the firm for alleged misrepresentation over the commissions it charged the organisation in 2001.