February 2005/3

Former XL Capital Ltd’s chief financial officer Robert Lusardi is to join White Mountains’ senior management team as executive vice-president and managing director.

Arab Insurance Group (ARIG) has completed its strategy of selling-off its non-core primary insurance units with the sale of its 67 percent interest in the Moroccan insurer CNIA Assurance SA to the Saham Group.

The world’s largest reinsurance company Munich Re AG has further reduced its stake in the German insurer Allianz AG, according to a report in the Dow Jones newswires.

The controversial and politically sensitive dispute over the illegal acquisition of US insurer Executive Life by French bank Credit Lyonnais in 1991 is due to begin this week, barring a last minute settlement.

Lloyd’s insurer Wellington has announced its results for the 2002 year-of-account, an updated forecast for the 2003 year-of-account as well as an initial forecast for the 2004 year-of-account.

Italy’s largest insurance company Generali said group premium turnover rose 13.6 percent last year to EUR56.3bn.

Post 9/11 Bermudian powerhouse Axis Capital saw a 13 percent increase in its fourth quarter net income, according to its latest earnings statement.

Both Aon Corporation and Willis Group Holding Ltd – the second and third largest global brokers respectively – demonstrated the ongoing cost of the investigations into broker compensation practices when announcing their 2004 financial results last week.

World’s largest insurer AIG said last week that its fourth quarter results included a net post-tax charge of $126.9mn, or $0.05 per share, in connection with late reported losses from hurricanes and typhoons in the third quarter.

Broker Monument Limited has announced the appointment of David Campbell as chief operating officer.

Argenta Private Capital Ltd has formally taken over the ongoing business of Anton Private Capital leaving only three remaining Lloyd’s members’ agencies.

Start-up life reinsurer Wilton Re has been assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” by AM Best, following the company’s launch in December 2004.