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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).