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U.K. broker Benfield Greig Group Ltd. has launched an Internet site, CargoInsure, accessible to both brokers and direct clients for obtaining online quotations and placing risks. It was started by Benfield Greig Interactive Ltd., a new unit set up to develop interactive products to trade on the Internet. CargoInsure products are underwritten by four Lloyd's of London syndicates: CLM, Millennium, Richard Youell & Others and D.E. Hope & Others. BGIL Director Mark Birrell said the product incorporates elements not previously seen on insurance Internet sites, such as a claims service
provided by Lloyd's Claims Office. The purchase is subject to the approval of Lloyd's. . . .Chartwell Re Corp. has taken further steps to integrate units of the Archer Group, which it acquired in 1996, under the Chartwell name. It has changed the name of Archer's Lloyd's of London managing agency from Archer Managing Agents Ltd. to Chartwell Managing Agents Ltd., and of Archer Group Holdings P.L.C., the parent of this unit, to Chartwell U.K. P.L.C. The Lloyd's service company, Archer Underwriting Ltd., will be renamed Chartwell Underwriting. Meanwhile, Chartwell Re has agreed in principle to sell for L8.75 million ($14.60 million) the business of its Lloyd's motor insurance Syndicate 866 and Archer Personal Lines Ltd. to Cox Insurance Holdings P.L.C. . . .The Jersey Financial Services Commission has named Richard Pratt, external affairs director of the London International Financial Futures and Options Exchange, as its next director general. He will take up the post from the start of 1999, though he will join the Commission on Oct. 12 as director general-designate. Early this year, the U.K. Home Office said it would examine the financial laws and regulations of offshore domiciles, including Jersey (BI, Jan. 26), and Mr. Pratt said the island's Financial Services Commission has achieved high regulatory standards that he is determined to help maintain and enhance. . . .ACE Insurance Co. Ltd., X.L. Insurance Co. Ltd. and Overseas Partners Re Ltd. plan to form a Bermuda-based consortium for underwriting aviation insurance. The alliance, to be known as Airline Risk Consortium, will provide catastrophe insurance in a single policy form for airlines' aviation, directors and officers liability, property and other related exposures. ARC will provide up to $250 million in aggregate limits for each airline on either an annual or longer-term basis. It has received its first submission from Aon Group Inc. on behalf of a North American client. ACE and X.L. each will provide 40% of ARC's capacity, and OP Re the remaining 20%. . . .Shares of Allied Zurich P.L.C. and Zurich Allied A.G., the two holding companies for the newly created Zurich Financial Services Group, started trading Sept. 8 on the London and Swiss stock exchanges. In London, Allied Zurich shares finished their first day down 30.5 pence (51 cents) at 786 pence ($1.30), in contrast to the performance of Zurich Allied in Switzerland, which ended 49 Swiss francs ($34.58) higher at 899 Swiss francs ($634.42). ZFS combines the financial service operations of Zurich Group and B.A.T Industries P.L.C. (BI, May 25; Oct. 20, 1997). . . .Standard & Poor's Corp. has reaffirmed the A+ financial strength rating on Lloyd's of London that it originally awarded last year. The rating, which applies to all syndicates regardless of their individual performance, is based mainly on Lloyd's "very strong" business position, earnings and regulatory management, and its strong capital base and prospective financial flexibility, which S&P says are only partly offset by significantly reduced prospective earnings. . . .Sir David Rowland, former chairman of Lloyd's of London, who was responsible for carrying out the reconstruction program completed in September 1996, has been named to succeed Lord Alexander of Weedon as chairman of National Westminster Bank in April 1999.