January 2007/3

UK regulator the Financial Services Authority (FSA) has pledged to review the market’s progress on contract certainty again this month.

AM Best downgraded the financial strength rating of General Insurance Corp of India to A- from A.

"Two large claims" which incurred in January 2005 led to AM Best double downgrading Primary Group's Irish insurance subsidiary Primary Insurance Company Ltd (PICL) before the Christmas break from B++ to B.

Apparent tensions between Catlin Group and AM Best re-surfaced last month with the rating agency maintaining its negative implications stance on the group despite the unconditional declaration of its takeover of Wellington Underwriting plc.

The growing focus on Enterprise Risk Management (ERM) was again brought to the fore when it was cited by Standard & Poor’s (S&P) as a reason for Munich Re’s upgrade to AA- last month.

German firm is third major European reinsurer to be downgraded below A- in recent years

Aon Holdings BV completed the acquisition of the remaining 51 percent of the shares of Moscow-based Aon Rus LLC this month.

Windsor plc, the UK-quoted insurance broker in management buy-out talks, announced a small dip in profits for the year ending 30 September 2006.

Lockton International, the fast-expanding arm of US broker Lockton Inc, swooped for a number of London market executives last month.

Oxygen, the independent London-based intermediary, parted company with three members of its international property team last month.

Paul Milton, the chairman of Aon Professional Risks (APR), retired from the broking giant last month.

Glencairn acquisition fee could be over two times brokerage dependent on performance