August 2007/3

Consultancy Towers Perrin has announced that its chairman, John Goldsmith, is to step down from the post and retire.

Bermudian firm White Mountains Re has appointed Dwight Evans, the former head of Arch Worldwide, as executive vice president.

The average premium per airline renewal this year has dropped $1mn in comparison with last year, according to a report by Aon Aviation.

Forecaster Tropical Storm Risk (TSR) has lowered its latest North Atlantic hurricane season prediction from 40 percent above normal activity to 35 percent.

Newly-listed Bermudian (re)insurer Validus Holdings’ reported a strong set of inaugural results as a public company last week.

Despite increasing second quarter profits by 45 percent to SFr1.2bn over the prior-year, world’s largest reinsurer Swiss Re failed to impress analysts with its figures.

Highly leveraged insurance brokers and service providers are subject to high credit risk and may face downgrades, rating agency Moody’s Investor Services warned last week.

The UK’s largest privately-owned insurance group, Towergate Partnership (Towergate) announced a 31 percent increase in gross written premium despite softening market conditions.

Marsh & McLennan Companies Inc (MMC) reported slow second quarter revenue growth in its broking division as new business wins were offset by the softening commercial (re)insurance market.

Bermudian Arch Capital Group has struck back at Gen Re in the latest round of the legal dispute over the departure of four Gen Re executives to Arch in April.

Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is planning an August float on the London Stock Exchange’s Alternative Investment Market (AIM) in a bid to raise £15mn.

UK Bank HBOS plc has appointed the Aon UK chief operating officer Philip Gore-Randall to join the firm as part of a wider restructuring of its management.