September 2007/4

A new £125mn capacity syndicate headed by WürttUK managing director Stephen Redmond is at the final stages of seeking approval from Lloyd’s franchise performance directorate, Insider Week can reveal.

Marsh Inc, the broking unit of US (re)insurance conglomerate Marsh & McLennan Inc (MMC), suffered further senior management disruption last week as it parted company with chief executive Brian Storms.

Despite reinsurers generally agreeing that rates in the softest reinsurance lines such as aviation and US casualty will fall by around 10 percent next year, a leading figure in the sector has warned that this figure be significantly higher at renewal.

UK consolidation giant Towergate has denied suggestions that it is poised to refinance its debt structure or raise further funds to pay for future acquisitions.

Shares in troubled UK lender Northern Rock were in freefall today amid a run on the bank as fears continued over its ability to survive the ongoing US sub-prime triggered credit crunch.

(Re)insurance consultancy, Axiom, has launched a new claims management service to enable reinsurers to respond effectively in the wake of a major catastrophe.

Catastrophe modelling firm EQECAT has estimated that insured losses caused by Hurricane Humberto will be less than $1bn.

Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon's expansion into the power sector.

Deutsche Bank is set to launch the trading in catastrophe event-linked futures on the Chicago Climate Futures Exchange (CCFE) later this month, in conjunction with former Brit Insurance chief executive Neil Eckert.

Lloyd's insurer Omega Insurance Holdings looks set to continue the recent trend for sparkling interims when the specialist short-tail (re)insurer unveils its half-year results tomorrow (18 September).

Lloyd's insurer Hardy Underwriting Group plc remained upbeat despite pricing pressures as it posted a 49 percent increase in its pre-tax profits for the half-year.

Lloyd's insurer Novae Group plc's investment performance has helped the firm beat analysts' forecasts and post a 22 percent improvement in its first half pre-tax profits.