July 2006/2

Failed (re)insurer GoshawK last week released its 2005 preliminary results, revealing an after-tax loss of $140mn and warning that further deterioration in Hurricane Wilma losses would not be covered by its reinsurance protection.

Mark Cloutier, the head of run-off at the defunct reinsurer Alea Group Holdings, will replace Marc Ricciardelli as the company's chief executive from 1 September.

Bavarian-based (re)insurance giant Munich Re moved a step closer to restoring its once cherished double A rating on 27 June, with the news that Standard & Poor's (S&P) had revised its outlook on the company's A+ rating from stable to positive.

French (re)insurer SCOR has agreed to buy German life reinsurer Revios in a $775mn transaction.

Rating agency Standard & Poor's (S&P) confirmed last month that Swiss Re's acquisition of GE Insurance Solutions (GEIS) has cost the reinsurer its AA rating, which has been downgraded a notch to AA-.

Carriers will not just be tested on their ability to pay claims but will also be ranked according to their client service levels, following a new initiative launched by broker Willis Group Holdings Ltd.

Broker Aon Corp has agreed to sell its warranty arm to Canadian conglomerate Onex Corp in an estimated $710mn deal.

The recent reshuffle at the top of Willis Re has sparked talk in the market that Grahame Millwater is being groomed as a potential candidate to succeed Willis chairman and CEO Joe Plumeri.

UK-quoted insurer Hiscox said last month that plans to redomicile to Bermuda are on track.

Rating agency Standard & Poor's (S&P) has described the old and "much-maligned Lloyd's accounting and reporting regime" as superior to the GAAP system imposed last year.

Aon's announcement that it will have the ability to trade electronically across all its London market lines of business by the end of the year marks a "huge cultural shift", according to the driving force behind process reform at the broker.

Creechurch Underwriting Ltd - the Lloyd's insurer which parted company with its chief executive last month - has been put up for sale, The Insurance Insider can reveal.