June 2008/4

Willis Group Holding's international division has recruited former Allianz executive Margo Black to head up its reinsurance operation in the newly deregulated Brazilian market.

Insurers face a greater threat from weak pricing than from the credit crisis in the months ahead, according to Swiss Re.

Angus Cameron is to join Marsh as CFO of its UK operations, parent company MMC confirmed last week.

US insurer Assurant Inc has announced the completion of its catastrophe reinsurance programme for 2008 and, with rates falling, was able to buy additional cover.

The Chubb Corporation has appointed John Dengan as vice chairman and chief operating officer among several senior promotions at the US firm.

Around three-quarters of London market insurers believe they will underestimate the impact of rate softening, according to a report from Ernst & Young (E&Y).

Aon Corp's Middle East division has opened a regional headquarters in the Dubai International Finance Centre (DIFC), after being granted a license to operate within the DIFC.

Previous contracts are likely to play an increasingly large role in legal cases following a precedent-setting case involving a policy taken out by Standard Life, say insurance law experts Ince & Co.

The Bermuda Monetary Authority (BMA) is proposing a reclassification of Class 3 (re)insurers into sub-classes because of the increasingly broad range of carriers attracted to the island.

Hyperion Insurance Group Ltd has announced that its 2007 operating profit increased by 10 percent to £6.5mn, compared to £5.9mn in 2006.

Qatar has staked its claim to be the leading centre for insurance in the Middle East with a move to launch an electronic trading platform later this year to service the sector.

Those recent glimmers of hope for the downtrodden financial markets appeared to be snuffed out last week in what was another torrid time for the banking sector.