August 2008/4

Soft market conditions may have contributed to a drop-off in new insurers registering in Bermuda, according to the island's regulator.

Amlin plc became the latest (re)insurer to report a drop in profits as a result of the difficult investment climate.

Strong underwriting performance boosted overall profits at Australian insurer QBE Insurance Group during the first half of 2008.

Marsh & McLennan Companies Inc (MMC) has appointed Vanessa Wittman as the group's new CFO, ending its search to replace the outgoing Matthew Bartley.

Troubled Australian insurer Insurance Australia Group Ltd (IAG) has slumped to a A$261mn loss after taking a A$350mn charge in relation to the impairment of its UK assets.

Start-up broker Alesco Risk Management Solutions has continued its raid on Aon's energy team with a move for senior producer Bill Farnan.

Bermudian Argo Group International Holdings has appointed former Guy Carpenter CEO, David Spiller, to take the position of chairman at its recently acquired Lloyd's insurer Heritage Managing Agency plc.

One of the more intriguing elements to Aon's takeover of reinsurance rival Benfield Group is the respective firms' facultative reinsurance operations.

Shares in Jardine Lloyd Thompson Group Ltd (JLT) rose today following Aon's swoop for Benfield, in a move that fuelled market speculation over further broker M&A.

Allianz has a 10 percent share of the slip for the Spanair McDonnell Douglas MD-82 that crashed at Madrid airport on Wednesday, claiming 153 lives.

Aon Corp has triumphed over its rival Guy Carpenter for the £844mn prize of Benfield Group, The Insurance Insider can reveal.