August 2005/5

In a surprise move, reinsurance giant Swiss Re announced today that Jacques Aigrain will succeed John Coomber as its chief executive.

The head of General Electric’s (re)insurance arm has confirmed that the giant conglomerate will probably sell or spin-off all its underwriting units in due course.

Lloyd’s insurer Illium has reached a provisional agreement to expand its 2006 capacity through a coinsurance arrangement with Great Lakes UK, a subsidiary of world’s largest reinsurer Munich Re.

Rod Fox, the former chief executive of Benfield's US arm, is set to return to operations at the reinsurance broker after being granted a leave of absence in the spring following allegations concerning his private life.

MMC’s finance director Sandra Wijnberg will be the latest high profile departure from the broking giant after confirming this week that she would step down early next year.

Canopius has announced the appointment of Lloyd’s recently departed head of risk management Stephen Manning as its new chief risk officer.

Broking start-up Integro has announced the appointment of John F McCaffrey, formerly chairman of Frank B Hall Consulting Co. and most recently head of market relations at Arthur J Gallagher & Co, as managing principal.

The passenger plane that crashed in Venezuela on 16 August killing all 160 on board was insured out of Lloyd’s of London.

Ratings agency AM Best has upgraded the financial strength ratings (FSR) on a number of ACE Ltd subsidiaries.

AIG-backed Lloyd’s insurer Ascot has withdrawn from fine art underwriting, it emerged last week.

Giant insurer Zurich Financial Services Group (ZFS) reported a strong set of half-year results last Thursday (18 August), prompting ratings agency Fitch to upgrade its financial strength ratings from “A” to “A+”.

GoshawK – the parent company of Bermudian reinsurer Rosemont Re – issued a profits warning last week as exposures from recent catastrophe losses continue to grow.