January 2006/5

World’s biggest insurer American International Group (AIG) may have to pay $10mn to executive vice chairman and chief operating officer Donald Kanak who is leaving the company at the end of the month, after less than a year in the role.

Seven changes are expected to Converium’s board of directors when shareholders meet in April for the company’s Annual General Meeting. In keeping with previous indications chairman Peter Colombo will step down from his position on 11 April.

Hannover Re was boosted last week with the news that rating agency Standard & Poor’s (S&P) had affirmed its AA- insurer financial strength and long-term counterparty credit ratings on the German reinsurer, removing them from CreditWatch with...

Veteran London market figure Graham White and Ewen Gilmour, the chief executive of Chaucer Syndicates Ltd, have won the election to become members of the Council of Lloyd’s.

Hurricane hit Bermudian property catastrophe specialist PXRE revealed last week that it has entered into a second $200mn letter of credit facility with Citibank Ireland Financial Services plc. Under the One-year secured facility with Citibank...

In a critical year for UK commercial insurers to demonstrate compliance with the regulatory imposed deadlines on contract certainty, Brit Insurance Holdings plc has stolen a march on its peers by announcing that it has reached 75 percent compliance...

Marsh Inc’s new chief executive Brian Storms will spend much of the next month on the road as he travels across the globe to meet his business heads and rally the broking giant’s troops. The former Mercer Human Resource Consulting chief executive...

London market broker Howden has promoted Andy Bragoli to the role of group broking director. Specialising in liability and crime insurance, Howden is the broking arm of fast expanding insurer Hyperion Insurance Group.

Bermudian (re)insurer Endurance Specialty Holdings last week announced Susan Patschak and Christopher Schaper as chief operating officer and head of reinsurance respectively at its Bermudian operating subsidiary.

US insurance giant St Paul said it will update shareholders on its asbestos liabilities next week following Friday’s verdict in the US Court of Appeals which reinstated an old asbestos-related insurance suit against the company.

Kiln and Wellington head the list of UK quoted Lloyd’s insurers whose management have negligible equity ownership in the companies’ stock, according to research from the securities house Numis Securities. In contrast, the management teams of Hiscox...

The question of whether reinsurers or reinsureds are liable to pay premiums to their brokers could be tested in the UK courts again this year when Absalom v TCRU reaches trial. The obligation appeared to have shifted to the reinsured during last...