March 2006/5
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Hampden Private Capital is set to become one of only two remaining Lloyd’s members’ agencies after agreeing to acquire the Names’ advisory business from CBS Private Capital.
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Despite last autumn’s record industry hurricane losses, Lloyd’s insurer Kiln beat market expectations with a £8.5mn pre-tax profit, as strong investment income, a reserve release and an increase in fees and profit commission from its managing agency...
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Michael Bright, the colourful founder of collapsed UK insurer Independent Insurance, will face trial on charges of conspiracy to defraud at a trial starting after Easter 2007, a preliminary hearing at Southwark Crown Court heard on the 24 March.
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Lloyd’s insurer Omega Underwriting Holdings plc (Omega) has reported a £6.7mn pre-tax profit in its maiden results as a listed company. The results follow a busy year for the company, which floated on London Stock Exchange’s Alternative Investment...
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Run-off services provider CMGL has announced the appointment of Jonathon Piper as its chief actuary. Piper joins CMGL from run-off management company KMS, where he has spent 12 years, most recently as senior actuary. He began his career at Victory...
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Strong investment income helped French reinsurer SCOR continue its recovery as it recorded a 22 percent increase in 2005 operating profits to EUR242mn, along with a 75 percent increase in net profit to EUR131mn. However, the legacy of the past...
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Lloyd’s insurer Talbot Underwriting Ltd shrugged off a £3.8mn loss for 2005 with a focus on the strong trading conditions it is currently experiencing. According to the insurer – which underwrites through Syndicate 1183 – it has experienced average...
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Fitch Ratings has predicted that a bird-flu pandemic would hit life insurers and their reinsurers hardest, although the rating agency said it did not believe this would lead to a widespread downgrading of (re)insurers.
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Class of 2005 start-up Lancashire Holdings Ltd passed a potentially difficult test last week when rating agency AM Best affirmed its A- financial strength rating. The rating agency placed Lancashire’s ratings under review with negative implications...
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Lloyd’s insurer SVB Group is close to launching a new FSA authorized insurance company and change its trading name to Novae as it makes a break from its troubled past, Insider Week understands. The UK quoted insurer – which has battled for five years..
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HCC Insurance Holdings’ executive John Molbeck – who returned to the insurer last year after a stint with Jardine Lloyd Thompson’s US arm – will become the company’s new president and chief operating officer. The insurer’s founder Stephen Way will...
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UK insurance giant Aviva plc pulled its bid for compatriot Prudential plc on Friday (24 March) after failing to secure the co-operation of its rival. As reported in this publication, Prudential strongly rebuffed the proposed merger last Monday...
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