July 2006/2

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.

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.

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.

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.

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

JLT's proposed takeover of rival Heath Lambert could even create the UK's second largest insurance broker by turnover, concludes The Insurance Insider.

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.

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

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.

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).