March 2005/2

US reinsurer Odyssey Re Holdings Corp has announced the retirement of its executive vice-president and chief financial officer Charles Troiano. In his stead comes Robert Giammarco, currently the managing director in the Financial Institutions Investment B

Marsh & McLennan Risk Capital Holdings has agreed to sell around half of its share in AXIS Capital, the Bermudian (re)insurer it helped found in the wake of 9/11.

Accountancy firm Deloitte & Touche won a small skirmish last week in the battle over its involvement in the collapse of the controversial aviation pool, Fortress Re.

As UK insurer Royal & Sun Alliance (R&SA) continues the hunt for a solution for its discontinued operations in the US, it revealed last week that it also plans to sell part of its ongoing business with the divestment of its non-standard auto unit.

Robert Hiscox, the forthright chairman of Lloyd’s insurer Hiscox plc, has slammed the “petty rules” culture of the UK regulator Financial Services Authority (FSA) while unveiling a slight fall in trading profits at the eponymous insurer.

Bermuda-headquartered London listed insurer Catlin last week (11 March) announced record premium and profit figures for 2004, despite the year’s record hurricane losses. The company booked gross premiums of $1.43bn, a 20 percent increase on 2003’s $1.2

But viaticals and bail bonds continue to pose questions... GoshawK has announced a post-tax $3mn loss for 2004 in its full year results – with claims of $40mn from Q3 hurricanes and other catastrophes blamed as the main reason for the losses.

Listed Lloyd’s insurer Amlin rode a year dominated by record industry natural catastrophe losses to register year-on-year improvements in its earnings per share and combined ratio for 2004.