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January 2007/2

  • Lockton International, the rebranded former Alexander Forbes International business, has recruited Julian James, the director of Lloyd’s, Worldwide Markets.
  • UK insurer Brit Insurance Holdings plc joined the G6 group of Lloyd’s insurers on 8 January, taking up the vacancy created by Catlin Group’s £600mn takeover of Wellington Underwriting last year.
  • The exit of former Wellington Underwriting staff following the company’s £600mn takeover by Catlin Group has continued with the departure of its two senior aviation underwriters.
  • The new Bermudian reinsurer Aeolus Ltd has doubled its capital to more than $1bn following a second fund raising.
  • French giant AXA announced late Thursday (5 January) it has agreed a deal to sell the US operations of its recent acquisition Winterthur to QBE Insurance Group for total consideration of $1.8bn.
  • Plummeting rates during last year's airline renewals have left the market close to its "burning cost" where it could struggle to turn a profit.
  • Reports by two major brokers on the 1/1 reinsurance renewals have taken different views on the size of rate rises for US catastrophe exposed property lines.
  • Catlin Group Ltd said its 2007 renewals came “in line with expectations” with a contrast between catastrophe and non-catastrophe exposed business.
  • Integro Ltd, the "fresh start" commercial broker launched in the wake of Spitzer's attacks on the US insurance industry, has sponsored the launch of Ironshore Ltd, the latest insurer to land on Bermuda’s increasingly crowded shores.
  • Lloyd’s (re)insurers have been warned against diversification for “diversification’s sake” at the expense of their core businesses, by Tony Markel, president and chief operating officer of Markel Corporation.
  • Bermuda’s ACE announced last week it had increased its presence in the South American life market with the acquisition of Peruvian company Altas Cumbres Life Insurance Company (ACLIC) from its Chilean parent Grupo Altas Cumbres (GAC).
  • As expected, S&P raised its financial strength ratings on Winterthur Swiss Insurance Co by two notches to A+ following the completion of its acquisition by AXA.
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