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.

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

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...

Arab Insurance Group (Arig) posted profits of $30.4mn for 2006, down from the $48.2mn it recorded the year before. However, the company said it had actually exceeded the 2005 result once exceptional items of $10.4mn and $28.9mn were removed...

Strong growth at subsidiaries Guy Carpenter, Kroll and Mercer pushed Marsh & McLennan Companies Inc (MMC) to book fourth quarter 2006 revenue growth of 9 percent to $3.1bn, as it reported consolidated net income of $226mn for the period.

If the recent Florida insurance legislation had been passed in a foreign country, US (re)insurers would be asking the State Department to intervene, according to Maurice “Hank” Greenberg, chairman and CEO of CV Starr & Co.

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...

The insurance outsourcing firm Axiom Consulting has withdrawn from takeover talks with Capita Insurance Services and looks set to continue as an independent concern, Insider Week can reveal.

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.

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

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.