July 2006/2

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

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.

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.

S&P reassesses syndicate ratings; UK start-up begins trading; FSA consults on special purpose vehicles; RFIB recruits energy team; Insurers dealt UK asbestos blow; Omega upbeat; Ward targets change with reshuffle; et al.

Despite initial reservations, the investment community appears to have warmed to French giant AXA's move last month to buy Swiss insurer Winterthur from banking conglomerate Credit Suisse Group.

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.

Over 1,000 Lloyd's Names have launched a £1bn class-action style legal case against the UK government, led by the militant Names campaigner Christopher Stockwell.

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.