September 2006/3

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).

UK motor insurer Highway Insurance Holdings plc revealed a drop in its first half profits on 6 September as the motor market remains “challenging”.

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.

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.

In contrast to many of its Lloyd’s competitors, the Bermuda-headquartered Catlin Group received a currency boost from the weak dollar which contributed to record net income of $147.3mn for the first half of 2006.

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

Cooper Gay Intermediaries (CGI), the US treaty arm of London-based reinsurance broker Cooper Gay, announced the appointment of Michael Joyce as executive senior vice president on 8 September.

Reinsurance broker Guy Carpenter has hired Nick Gralton from rival RK Carvill & Co to head up its US wholesale casualty business.

Fitch Ratings said the response from the market to its new capital model Prism has been positive.

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.

A year after Standard & Poor’s demonstrated its confidence in SCOR’s rehabilitation, AM Best has also upgraded the French reinsurer to the key A- territory.