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.

Fast-growing broker Integro Ltd announced on 18 September that Andrew Starnes would be joining its San Francisco office as principal in its property practice.

Reinsurance giant Munich Re announced last week (20 September) the launch of a new IT infrastructure to support its international reinsurance business.

UK regulator, the Financial Services Authority (FSA), has fined Paul Harrison, former CEO of insurance broker Berry Birch & Noble Insurance Brokers (BBNIB), £17,500 for failing to implement proper systems and controls to ensure that customers’ money held