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-.

But mixed views on rationale behind takeover... Analysts have given a mixed welcome to the move by Italian insurer Assicurazioni Generali to take over compatriot Toro Assicurazioni in a deal worth EUR3.85bn.

Guy Carpenter & Co has confirmed last week the appointment of David Spiller as its group chief executive, replacing the long-serving Salvatore Zaffino.

London-based broker Cooper Gay Group has parted company with its executive director of non-marine treaty reinsurance Dermot Flood as part of an organisational restructure.

Outsourcing firm Accenture is out of the running for the potentially landmark contract to run Aon Ltd's back-office function, The Insurance Insider can reveal.

Insurance broker Willis Group Holdings Ltd cancelled a $300mn debt issue at the end of June - a move that has led to speculation the firm is again considering a significant acquisition.

Total capacity at Lloyd's may rise next year after the first round of syndicates made their 2007 business forecasts.

Insurance service provider Whittington surprised the market last month by agreeing the sale of its newly established Lloyd's managing agency and specialist Asian syndicate, Alba, to Insurance Australia Group (IAG).