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  • Despite previously describing the Californian workers’ compensation sector as “crazy”, Berkshire Hathaway has agreed to replace Everest Re as the carrier on Acacia Pacific Holdings’ California Workers Compensation Program.
  • Recently floated Bermudian (re)insurer Alea revealed last week that CEO Dennis Purkiss will step down from the executive board at the end of June, with group president and COO Mark Ricciardelli taking the reins.
  • Shares in UK brokerage Jardine Lloyd Thompson (JLT) hit a three-year low last week on fears that the company’s profits would be hit by weaker than expected reinsurance volumes.
  • Lloyd's has undergone an impressive turnaround since September 11 and results are likely to remain strong through 2004, Marsh-owned reinsurance broker Guy Carpenter has concluded in its latest overview of the London insurance market.
  • The insurance and reinsurance sectors are the most exposed industries in the short term to increases in the prevalence of obesity, a new report from Dresdner Kleinwort Wassertein Research (DrKW) has concluded.
  • Investment analysts at Morgan Stanley have cut their rating on recently merged St Paul Travelers, after revealing concerns that the group’s environmental exposures will lead to a $650mn fourth quarter 2004 pre-tax reserve charge.
  • Michael Segal, the colourful founder of Chicago based Near North Insurance Brokerage Inc, was imprisoned last week following his conviction on multiple counts of mail fraud, wire fraud, tax conspiracy and racketeering.
  • Serial disposer Royal & SunAlliance (R&SA) has announced the sale of the life and pensions divisions of its subsidiary Codan. R&SA, which owns 71.7 percent of Codan, said the sale would be to Danish life insurer SEB Trygg Liv and would net an estimate
  • Figures point to lower than expected softening on rates An upbeat trading statement from Lloyd's specialist insurer Kiln provided the impetus to a more than 7 percent share price rise last week after the company said premium rates were holding up bett
  • UK BPO specialist Xchanging has announced that it will move all its operations to 34 Leadenhall Street, replacing its current three office locations.