September 2004/3

The London headquartered outsourcing firm Xchanging has been chosen by Arch Insurance Company (Europe) Ltd to run the company's back office requirements.

Motor insurer Highway Insurance Holdings said it had achieved a profitable first half in 2004 despite tougher market conditions and exceptional costs of £1.6mn relating to its failed merger with Cox insurance earlier in the year and in respect of the FSCS

Guy Carpenter has recruited marine specialist Tony Pointing, until recently the head of Aon's ReSpecialty Marine and Energy team in London, to become the new head of the reinsurance broker's Marine and Energy Non-Americas division.

Admiral sets course for float Despite the gloomy forecasts for UK motor rates, the private equity backed Admiral Group will float on the London Stock Exchange later this month valued at between £634mn and £776mn.

On 7 September Wellington Insurance Holdings posted interim results for the first six months of 2004 that it said reflected continued earnings momentum and a confident outlook for the remainder of the year.

More news of rates remaining firm came from Kiln in its 9 September half-year results presentation.

Reinsurance buyers are demanding price reductions on their treaties as they meet at the annual Monte Carlo Rendez-Vous event to begin the process of negotiating the key 1 January renewals.

Despite increasing its stock buyback programme last week by $200mn to $500mn - a time-honoured initiative to buoy a share price - international broker Willis will struggle to maintain its impressive growth record without a major acquisition.

London market vehicle Brit’s transformation into a well capitalised, UK general insurer was reflected in its interim results published last week.

But will hurricane make US landfall? Uncertainty still surrounds the potential impact on the insurance industry of Hurricane Ivan, the third major storm to hit the Caribbean in the space of a month.

Devastating S&P downgrade compounds troubles for Swiss Reinsurer following under-reserving revelation and share price collapse As the great and the good from the reinsurance industry converge at the annual Monte Carlo Reinsurance Rendez-Vous, the world

AM Best has affirmed the Syndicate Rating of “A” (Excellent) for Lloyd’s Syndicate 3000, while also affirming the Syndicate’s issuer credit rating of “a”, both with a stable outlook.