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June 2008/4

  • 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.
  • Marsh's 29-strong aviation reinsurance team is transferring to Marsh & McLennan Companies' (MMC) stablemate Guy Carpenter in a move that the firm says will benefit clients.
  • Zurich Financial Services (ZFS) - the enduring frontrunner in the race to buy Royal Bank of Scotland's up-for-sale insurance businesses - overcame a significant hurdle last week when reports confirmed that the firm had its financing in place.
  • Former CEO of XL insurance Clive Tobin is set to front energy start up Torus Insurance Holdings Ltd (Bermuda), which has been formally launched today (Monday), The Insurance Insider has learnt.
  • The remarkable thawing of relations between American International Group (AIG) and Maurice "Hank" Greenberg appears underway after a "positive" meeting between the veteran and Robert Willumstad, the latest man in the hot seat at the troubled insurance gia
  • The purchase of failed UK listed (re)insurer GoshawK for £45.7mn ($90.3mn) by acquisitive Bermudian run-off specialist Enstar Group Ltd is the third significant acquisition by the firm this year.
  • Marsh UK executives are to meet later this week to approve the delayed £200mn outsourcing deal with Capita, The Insurance Insider understands.
  • As many as 500,000 homes in the UK could become uninsurable unless the Government takes action to protect them, according to the Association of British Insurers (ABI).
  • The Chubb Corporation has appointed John Dengan as vice chairman and chief operating officer among several senior promotions at the US firm.
  • Angus Cameron is to join Marsh as CFO of its UK operations, parent company MMC confirmed last week.
  • 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.