June 2008/5

Deven Sharma, president of credit rating agency Standard & Poor's (S&P), has called for a co-ordinated approach by credit agencies to ensure there is greater global rating consistency.

As predicted by The Insurance Insider last week, Capita Group plc and Marsh UK finalised their 10-year outsourcing deal, worth £187mn, that will see around 600 staff transfer to the outsourcing firm.

Marsh is dusting off the venerable Bowring name with the formation of a new international division, Bowring Marsh, which will bring together its international placement capabilities for property, terrorism and casualty risks.

The Philippine ferry that sank in the devastating Typhoon Fengshen with more than 800 people on board was covered in the local markets, according to reports.

Xchanging has hired Stewart McCulloch, the former CEO of Lockton International, as Implementation Director.

Canopius Group Ltd has announced the appointment of Stephen Hartwig as senior vice president and head of excess casualty to its Bermuda-based underwriting agency.

Benfield Group Ltd has appointed former RennaisanceRe president Bill Riker as a non-executive director.

Ironshore Inc's expected acquisition of Chaucer's Pembroke division will bring the total number of Lloyd's insurer buyouts to three this year.

Bermuda's Allied World Assurance Company Holdings Ltd (AWAC) is expanding its US presence with the $550mn cash acquisition of Darwin Professional Underwriters Inc.