December 2006/1

Lloyd’s welcomed British Secretary of State for Trade and Industry Alistair Darling to the Shanghai office of its Lloyd's Reinsurance Company (China) Ltd venture last week, although it is still waiting for regulatory approval before trading can begin.

The acquisitive Australian insurer IAG has agreed a £570mn deal to buy UK motor underwriter and broker Equity Insurance Group, 18 months after the company was taken private in an £298mn private-equity backed management buy-out.

Marsh Ltd has recruited Zurich Financial Services’ (ZFS) executive Martin South to become the new chief executive of its UK arm, The Insurance Insider can reveal.

The insurance services company Whittington Group has lost two key members of its senior management team with the sudden departure of deputy CEO Richard Whatton and business development director Stephanie Mocatta, Insider Week can reveal.

The Asia Pacific market has attracted a $565mn capitalised Singapore-based reinsurance start-up, Asia Capital Re, as private equity backers look for strong returns in the fast growing region.