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.

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.

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).

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.

JK Buckenham, Hyperion Insurance Group’s reinsurance broking arm, announced the arrival of former BMS International executive Ian Smith, last week.

Japanese insurer Mitsui Sumitomo Insurance (MSI) confirmed last week it had taken over management of its Syndicate 3210 from Lloyd’s insurer Chaucer Holdings Plc (Chaucer).

UK insurer Brit Insurance Holdings plc has said that it achieved 100 percent contract certainty on its 1 January 2007 outwards non-proportional reinsurance placements by the end of 2006.

US insurer St Paul Travelers is to terminate the payment of contingent commissions to brokers by the end of the year, according to Connecticut attorney general Richard Blumenthal.

Around 80 percent of claims, estimated to total $32bn, arising from hurricanes Katrina, Rita and Wilma remain unpaid, according to Charlie Cantlay deputy chairman of Aon Re UK.

The new Bermudian reinsurer Aeolus Ltd has doubled its capital to more than $1bn following a second fund raising.

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.