September 2006/5

Catastrophe modelling agency Risk Management Services (RMS) has said that the formation of an El Niño in the eastern Pacific will not alter its medium-term hurricane forecasts.

The $35mn third-quarter hedge fund investment reverse revealed by Bermudian reinsurer Max Re Capital last week (20 September) has been linked to heavy energy losses at Amaranth Advisors.

Swiss reinsurer Glacier Re announced on 22 September that it has appointed María Arana Antelo as energy underwriter.

Process reform in the London Market took a major step forward last week (19 September) with the launch of a repository for Electronic Claims Files (ECF).

Insurance giant Zurich Financial Services (ZFS) has poached Mario Vitale from broker Willis to head up its Global Corporate North America Operations.

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

Bermuda-headquartered Catlin Group announced today (25 September) that its US subsidiary Catlin US has launched a primary and excess casualty underwriting unit in Atlanta.

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).