June 2011/3

Excess capacity is continuing to exert downward pressure on commercial rates - despite the colossal catastrophe losses suffered by the global insurance industry, delegates at Airmic's 2011 conference in Bournemouth were told on 8 June.

Lexicon Partners, the corporate advisory firm that has shaped much of the London market through a decade of M&A, has merged with the larger US outfit Evercore Partners Inc.

Lloyd's (re)insurer Kiln has bought a 49 percent share in US managing agency WNC Holdings, which is a specialist in the lucrative force-placed insurance market.

Fresh from completing its £97mn acquisition of Heath Lambert, Gallagher International has continued its expansion into the UK commercial markets with the hire of two senior executives from UK consolidator Towergate.

The Hanover's proposed £313mn takeover of Chaucer has been approved by more than 99 percent of shareholders who voted at its pre-takeover meeting last week.

The Texas Windstorm Insurance Association (TWIA) has confirmed its purchase of $636mn in reinsurance protection from the private market, a move first revealed by The Insurance Insider.

PartnerRe's probable maximum loss (PML) for a 1-in-250 year wind event in the US was 36 percent of its equity or $2.2bn at 1 January - making it the most exposed reinsurer.

Leading (re)insurers and investors have highlighted the challenge of meeting long-term return targets in the sustained low interest environment and broadly soft property and catastrophe underwriting conditions.

The recent deluge of catastrophe losses combined with model changes has created a "new baseline" for pricing of property cat reinsurance, according to Aspen Insurance Holdings CEO Chris O'Kane.

COO of Aon Broking Lambros Lambrou has taken over from Rob Woods as head of Aon's London market operations with immediate effect, The Insurance Insider can reveal.

Aon, the industry's largest provider of facultative business to the reinsurance markets, says it is not expecting a major restructuring to its 550-strong dedicated fac unit despite the departure of its head Elliot Richardson at the end of last month.

Guy Carpenter sees normal Pacific wind; Liberty Mutual's Kelly retires; McCusker to step down from XL; Axis Re CEO Fischer heads to NY; Brit's Beaton moves to Newline; CEA in Argentine protest; Xchanging confirms Lever as CEO; Roscoe moves to Beazley; London kingmaker in a deal of its own; Marketform hires D&O underwriter; CV Starr Chinese investment approved; Guy Carp appoints Pacific CEO; Allied World upgraded by S&P; Keogh is Ace's new COO; Tristan McDonald leaves Aon Benfield; Axis chair