December 2006/4

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

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.

Advent Capital Holdings has completed its £19.7mn capital raising for its Bermudian platform, Advent Re, which will write retrocessional business.

Lloyd’s insurer Beazley Group plc has strengthened its political risk team with the appointments of Peter Jenkins and Marc Werblow.

Lloyd’s aims to have a structure in place to allow special purpose reinsurance syndicates to start mid-2007, along with a more streamlined timetable for Integrated Lloyd’s Vehicle (ILV) business plans and capital setting.

Wellington plc, the Lloyd’s insurer that has agreed to the takeover overtures from rival Catlin Group, has parted company with more executives including the departure of its group head of risk to become CEO of the Lloyd’s Market Association (LMA).

The DE Shaw group is set to become the latest hedge fund to form a dedicated reinsurance unit.

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.

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.

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