September 2006/5

Lloyd’s CEO Richard Ward has told the market he wants to see all claims transacted electronically by the end of next year.

The prospect of mandatory disclosure of broker commissions in the UK took a step closer today following a speech by the Financial Services Authority chief executive John Tiner.

The Conservative Party treasurer and former Jardine Lloyd Thompson Group plc director Jonathan Marland has led an investor group of City grandees that has acquired the Lloyd’s investment fund manager, Insurance Capital Partners LP (ICP).

Market information and analysis firm Advisen Ltd has teamed up with XML messaging specialist Web Connectivity Ltd in a combined offering it says will increase transparency and efficiency in the London market.

RenaissanceRe founder and former chairman and CEO Jim Stanard and two other ex-employees of the Bermudian reinsurer have been charged with securities fraud by the Securities and Exchange Commission (SEC) over a finite reinsurance transaction.

Insurer claims ‘finality’ for US exposures in sale to management vehicle

Bermuda-based Catlin Group confirmed today (27 September) that it is to enter into a catastrophe swap agreement that would provide it with coverage of up to $200.25mn for global natural catastrophes.

Lloyd’s insurer Atrium reported a fall in pre-tax profits today (27 September) with foreign exchange fluctuations blamed for the drop to £7.9mn for the first half of 2006, against £13.7mn in the prior-year period.

Aon Re Global revealed today (26 September) that it has recruited Elliot Richardson, currently head of facultative reinsurance at rival Benfield Group, to head its global fac reinsurance team.

Quoted Lloyd’s insurers Hardy Underwriting Group plc and Advent Capital Holdings plc are taking the final steps towards achieving the buy-out of remaining Names’ capital.

First half pre-tax profits at quoted Lloyd’s insurer Hardy Underwriting Group plc slipped to £6.1mn from £7.7mn in the prior-year period, the company announced last week (20 September).

Catlin Group Ltd looks set to become one of the first Lloyd’s (re)insurers to issue a catastrophe bond as the industry’s interest in securitising reinsurance risk continues at a pace, Insider Week can reveal.