June 2006/3

Peter Hearn - the head of Willis Re's US operations - has replaced Grahame Millwater as the chief executive of the global reinsurance division.

Bermuda-headquartered Aspen Insurance Holdings last week (8 June) announced the appointment of Brian Boornazian to the newly created position of head of reinsurance at the company.

AM Best has affirmed the financial strength rating (FSR) of A+ (Superior) on US insurer HCC Insurance Holdings and assigned indicative ratings on the firm's $1bn shelf registration.

Independent (re)insurance broker BMS Group reported a 2 percent upturn in 2005 pre-tax profits to £4.5mn last week. "The breadth and strength of our portfolio has ensured that overall we have remained solidly profitable in 2005, notwithstanding the...

Ratings agency Fitch promised to provide greater precision for (re)insurers determining their capital requirements as it detailed what it claims as the first global stochastic capital model in London on last Tuesday (6 June).

Novae Group is entering the Lloyd's energy market with the appointment of Jason Poulastides to Novae Syndicate 2147. The firm is hoping to take advantage of the "biggest ever" rate rises in the sector.

AM Best responded last Wednesday (7 June) to Quanta Capital Holdings's run-off plans by first downgrading the company's ratings and then withdrawing them altogether at the firm's request.

Despite increasing asbestos reserves by another £128mn in the year to 31 March 2006, Lloyd's pre-1993 run-off vehicle Equitas highlighted its progress in resolving claims with major policyholders as it released its financial results last Tuesday (6 June).

Starr Aviation Agency, the managing agency ultimately controlled by former American International Group chief executive Maurice "Hank" Greenberg, has found a head aviation underwriter to spearhead the company's London market operations.

French insurer AXA is reportedly in exclusive talks to buy Winterthur, the insurance unit of financial services giant Credit Suisse Group in a deal that could be worth up to SFr10bn, or $8bn.

Bermudian giant XL Capital announced the appointment of industry veteran Herbert Haag to its board of directors on Friday (9 June).

As first revealed in May's The Insurance Insider Personal Accident (PA) underwriter Paul Newson has joined Lloyd's managing agency Marketform.