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.

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.

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).

Castlewood Holdings Ltd, the Bermuda headquartered run-off acquisition and consultancy firm, bought Inter-Ocean Holdings Ltd for $57mn at the end of last year.

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.

Bermudian-headquartered (re)insurer Lancashire Holdings Ltd today (8 January) announced the appointment of John Melcon as CEO of the firm’s Middle East marketing operations.

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.

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

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.