February 2007/4

Mid-tier North American broker Hub International Ltd has been acquired by funds advised by Apax Partners and Morgan Stanley Principal Investments in a $1.8bn deal which is further proof of private equity’s interest in the insurance broking sector.

Bermudian reinsurer Aspen Insurance Holdings has strengthened it aviation and specialty reinsurance with the creation of the post of head of division.

Australian-headquartered insurer QBE has appointed John Neal to the newly created position of chief operating officer for its European Operations.

Fuelled by its acquisition of GE Insurance Solutions (GEIS), Swiss Re reported a 14 percent increase in business at the January renewals, the equivalent of SFr1.3bn.

European insurance giant Zurich Financial Services Group (ZFS) revealed its losses from European Windstorm Kyrill will not exceed $150mn.

Another Bermudian (re)insurer to bounce back from 2005 was Arch Capital, which almost tripled its full-year profits from $256.4mn then to $692.6mn for last year.

Aon Ltd’s Nigel Roberts has become the latest London market executive to be seconded to Lloyd’s as part of the drive to create greater process efficiencies. Roberts, who is managing director of Aon Ltd’s specialist lines and chairman...

In a further sign of growing innovation between the (re)insurance industry and capital markets, the Chicago Mercantile Exchange (CME) is to begin trading hurricane futures and options in conjunction with reinsurance broker RK Carvill.

Broking giant Aon Corp confirmed last week that it expects to lose a total of 3600 jobs as part of its ongoing post-Spitzer efficiency drive.

General Electric Co (GE) has lost a 10-year battle with insurers over payments relating to thousands of asbestos claims.

UK-listed broker Jardine Lloyd Thompson Group plc (JLT) received a £14.2mn present last week following the merger of Continental brokers SIACI and Assurances et Conseils Saint-Honoré (ACSH).

US insurer CNA Financial Corp saw profits rise over 400 percent last year to $1.1bn, compared to $264mn in hurricane-hit 2005. The turnaround was even more marked in the fourth quarter of the year with CNA bouncing back from a deficit of $217mn...