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.

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.

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.

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.

Catlin Group Ltd said its 2007 renewals came “in line with expectations” with a contrast between catastrophe and non-catastrophe exposed business.

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.

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.

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.