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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.
  • 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.
  • Lloyd’s reinsurer Advent Capital said it expected to make a profit of £22.8mn for last year, reversing the £74.8mn deficit a year earlier.
  • Lloyd’s insurer Chaucer Holdings has closed its 2004-year of account with a 17.2 percent profit, up from the previously forecast 15.9 percent.
  • 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...
  • European insurance giant Zurich Financial Services Group (ZFS) revealed its losses from European Windstorm Kyrill will not exceed $150mn.
  • The insurance outsourcing firm Axiom Consulting has withdrawn from takeover talks with Capita Insurance Services and looks set to continue as an independent concern, Insider Week can reveal.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.
  • General Electric Co (GE) has lost a 10-year battle with insurers over payments relating to thousands of asbestos claims.
  • Litigation continues to rumble on between aerospace giant Boeing and insurers of the 702 series of satellites it manufactured that suffered generic faults leading to total constructed loss claims in 2002.
  • 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.