September 2006/3

Omega Underwriting Holdings Plc has become the second Lloyd’s (re)insurer in a week to confirm plans to redomicile to Bermuda and the first to confirm it has received clearance from the UK authorities.

Marsh & McLennan Companies (MMC) has announced its second major restructuring in less than two years with news that it plans to shed 750 jobs as part of cost-cutting measures that it says will produce savings of $350mn a year.

Lloyd's insurer Kiln plc revealed plans to pre-empt its 2007 syndicates capacity to around £1bn in its interim results statement today (12 September).

CV Starr, the managing agency ultimately controlled by former American International Group chief executive Maurice "Hank" Greenberg, revealed today (12 September) that it is forming a new Lloyd’s syndicate.

Rating agency AM Best has affirmed its financial strength rating of B++ on Swiss reinsurer Converium and revised the outlook on the company to positive.

Lloyd’s chairman Lord Levene has added his voice to the lobby calling for a more favourable tax regime to help preserve London’s position in the face of competition from Bermuda and other tax havens.

Bermudian-headquartered (re)insurer Lancashire Holdings Ltd announced on 8 September that its UK subsidiary been granted permission to start underwriting by the Financial Services Authority (FSA).

Brit Insurance Holdings plc became the latest London market insurer to report a drop in profits due to the weak US dollar, as it revealed on 5 September its interim results.

Veteran London market underwriters Peter Cottrell and Niels Aaskov have launched Insure-London, a managing general agency focussing on marine-related and professional lines which will be supported by Brit Insurance, Insider Week can reveal.

It was a tale of two markets for reinsurance specialist Benfield Group with disappointing news on its new corporate risks division being more than matched by impressive earnings growth in its US division on the back of the capacity crunch for catastrophe

Beazley Group’s head of specialty lines Johnny Rowell has acquired a further 650,000 shares in the Lloyd’s insurer in an apparent demonstration of his confidence in the company’s prospects and current trading conditions.

Heath Lambert Group has won the prestigious Sainsbury account from current incumbent Marsh Ltd, our sister publication The Insurance Insider revealed last week.