August 2006/2

Beleaguered Bermudian reinsurer PXRE Group admitted it was heading towards run-off after announcing on 8 August that its net income had slipped to a mere $2.1mn for the second quarter.

Aon Corp has overtaken Marsh Inc to become the world's largest (re)insurance broker by brokerage revenues - at least that is the claim of the Chicago-headquartered broker.

Jardine Lloyd Thompson Group plc (JLT) plans to overhaul its staff pension scheme in a bid to reduce the £146mn deficit which hangs over the company.

The relentless quest by (re)insurers to manage down their reinsurance exposures has inspired a new approach to crystallising the industry's recoverables.

German reinsurer R+V was awarded EUR3,528,357 in damages on 10 July from the former Lloyd's-based managing agency Risk in the latest round of their long-running dispute.

Chubb records 'outstanding' quarter US insurer Chubb Corp reported an "outstanding" second quarter of 2006 with net income rising to $598mn, compared to $495mn for the prior-year period.

Fast expanding Lloyd's (re)insurer Ascot Underwriting is considering setting up an overseas operation to ease the penetration of its products into new markets.

AIG profits drop 29 percent; Hannover Re contemplates Scottish Re bid; Allianz raises forecasts on strong second quarter; Fairfax shares fall; Odyssey Re misses SEC filing deadline; MMC continues to face Spitzer spectre; et al:

GCFac, the facultative arm of reinsurance broker Guy Carpenter, has bolstered its ranks with the launch of a structured risk team headed by former Jardine Lloyd Thompson (JLT) broker John Lobek.

Private equity firm Stone Point Capital LLC is close to completing the buy-out of Alexander Forbes' International Operations, The Insurance Insider can reveal.

The Competition Commission is holding an inquiry into Hampden Private Capital’s acquisition of the Names' advisory business of CBS Private Capital.

AM Best affirms Lloyd's ratings; Heritage latest Lloyd's insurer to list on AIM; Boucher quits Endurance; Lloyd's insurers continue capacity buy-outs; Strong half for R&SA; Gallagher recruits Battman; Central Fund levy forecast to fall in 2008; et al: