September 2006/1

Lloyd's insurer Kiln updated its syndicate forecasts last week lowering the profit range on three of the four open years on its two major syndicates, 510 and 557.

Lloyd's insurer Beazley Group plc shrugged off fears of declining liability rates, by saying it had benefited from a 3 percent average rate rises in its casualty book in the first half of the year.

August saw little let up in the industry's enthusiasm for non-traditional reinsurance vehicles so The Insurance Insider's forthcoming Contingent Capital & Securitisation event is perfectly timed.

American International Group (AIG) has confirmed its sidecar Concord Re Ltd will have an initial capital of $730mn with equity funding provided by the US investor Chris Flower's firm JC Flowers & Co LLC.

Lloyd's insurer Hiscox plc revealed on 1 September that it is close to setting up a Bermudian sidecar operation to reinsure its Lloyd's Syndicate 33.

If 2006 proves - as it has thus far - to be a benign natural catastrophe year, then Amlin's management duo of chief executive Charles Philipps and underwriting director Tony Holt will have again called the right numbers.

Lloyd's managing agency Spectrum Syndicate Management Ltd appointed Mark Everest as legal counsel on 1 September.

Bear Stearns has agreed to buy Groupama's UK run-off insurance company, Minster Insurance Co.

Lloyd's insurer Wellington Underwriting plc revealed that further expansion is key to its strategic development when it announced its interim results on the 31 August.

Rating agency Standard & Poor's (S&P) has praised the operations of Equitas, the reinsurance vehicle set up in 1996 to reinsure Lloyd's 1993 and prior year exposures, on its 10th anniversary but also warned about the ongoing threat to the Society.