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September 2006/4

  • The $35mn third-quarter hedge fund investment reverse revealed by Bermudian reinsurer Max Re Capital yesterday (20 September) has been linked to heavy energy losses at Amaranth Advisors.
  • Price Forbes Ltd, the London-based international wholesale operation owned by Marsh & McLennan Companies Inc, has been spun-out of the broking giant via a management buy-out, The Insurance Insider can reveal.
  • Failed (re)insurer Alea Group Holdings Ltd announced a post-tax loss of $10.7mn for the first half of 2006 today (20 September) as it continues its transition to run-off.
  • First half pre-tax profits at quoted Lloyd’s insurer Hardy Underwriting Group plc slipped to £6.1mn the company announced today (20 September), against £7.7mn in the prior-year period.
  • Max Re Capital Ltd is the latest new market in the aviation sector with the arrival of former La Réunion Aérienne underwriter Olivier Marre.
  • 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.
  • With the 2006 Monte Carlo Rendez-Vous offering relatively benign conditions for networking and negotiations after the travails of 2004 and 2005, discourse last week focussed on the underlying issues facing the industry in a two-paced market.
  • Lloyd’s Names are being asked to support the new sports Syndicate 3334 which was formed in July 2006.
  • Marsh & McLennan Companies (MMC) announced on 15 September 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 syndicate capacity to around £1bn in its interim results statement on 12 September.
  • Alongside diversification, the leading rating agencies were intent on raising the profile of Enterprise Risk Management (ERM) for (re)insurers at the 2006 Monte Carlo Rendez-Vous last week.
  • Giant reinsurer Swiss Re revealed last Friday (15 September) that it is looking for potential buyers for its iconic London office building the Swiss Re Tower - better known as the Gherkin.