December 2006/4

This edition of Insider Week is the last publication from Insider Publishing Ltd in 2006. Insider Week will resume on the 2 January while the January edition of The Insurance Insider will be available to download from the 11 January.

Oxygen, the independent London based intermediary, has parted company with a three-strong international property team, Insider Week can reveal.

UK outsourcing giant Capita Group has emerged as a front-runner to acquire the up-for-sale specialist consulting and outsourcing company Axiom Consulting, Insider Week can reveal.

Two executives have settled with the Securities and Exchange Commission (SEC) over their roles in the 2001 accounting scandal said to have inflated PNC Financial Corp’s earnings by concealing $762mn in potential liabilities.

Recent warnings over the rapidly softening UK professional indemnity (PI) market would appear to be valid, with total premium paid by solicitors down £32mn in the key 1 October renewals.

Swiss Re, the world’s largest reinsurer, announced another change to its senior management team last week with the departure of its veteran chief financial officer Anne Godbehere.

Windsor plc, the UK quoted insurance broker in management buy-out talks, has announced a small dip in profits for the year ending 30 September 2006.

Eliot Spitzer, New York’s governor-elect, has nominated Willis Group’s general counsel, Eric Dinallo, for the post of the state’s insurance superintendent in his administration.

Bermudian (re)insurer Quanta Capital Holdings appointed run-off expert Mark Bridges to its board of directors on 11 December.

Bermudian (re)insurer ACE Ltd has said that a recent review has confirmed the adequacy of its asbestos reserves.

Stone Point Capital managed fund Trident II is selling off 3 million shares it holds in Bermudian powerhouse Axis Capital Holdings in a block trade.

Bermudian (re)insurer Max Re Capital announced plans to launch a US-based excess and surplus lines platform last week (14 December).