May 2006/1

London market IT provider Room Solutions has been bought out by the Indian headquartered company NIIT Technologies Limited (NIIT). In an announcement today (8 May), the company said NIIT has taken a majority shareholding in the company "with a view...

Troubled reinsurer PXRE has been hit by a brace of shareholder suits in New York alleging that the company misled investors by hiding the full impact of last autumn’s hurricanes in its initial loss estimates.

The positive first quarter for Bermudian reinsurers continued when RenaissanceRe posted a record net operating income of $195.7mn, or $2.73 per share, up from $54.5mn, or $0.76 per share last year.

Willis Group Holdings Ltd reported yesterday (3 May) net income of $140mn, or $0.89 per share, for the first quarter of 2006, more than double the $67mn, or $0.41 per share, recorded in the prior year period.

MMC chief executive Michael Cherkasky pointed to the green shoots of recovery in his company’s first quarter results today (3 May), but it was also apparent that the global brokers are still operating in a brutally tough trading environment.

Lloyd’s insurer Heritage Underwriting Agency plc has announced plans to form a new syndicate together with a listing on the Alternative Investment Market, The Insurance Insider can reveal. The new syndicate – which will write alongside the insurer’s...

The number of private securities litigation cases filed in the US fell to its lowest in almost a decade during 2005. However, the value of settlements more than doubled, according to a report by accountants PricewaterhouseCoopers (PwC).

Bermuda-headquartered Catlin Group has appointed Vincent Brazauskas as senior vice president and chief administrative officer of Catlin Inc, the Group's US subsidiary. Brazauskas will be responsible for a variety of non-underwriting functions for...

Ratings agency Fitch announced on 25 April that it had begun operating from its new office in Dubai. Stephen de Stadler, Fitch's head of Business Development for the Middle East, said: "Fitch Ratings recognises that the economic growth currently...

Insurance broker Marsh Inc has announced the appointment of Stanislas Chapron as chief executive officer of Marsh France, following the retirement of Jean-Yves Durance.

London based broker Howden Group has appointed the former Aon Ltd operations director Neil Bullivant as its new operations manager.

Aon Corp's former US wholesale arm Swett & Crawford Group has promoted its chief operating officer to succeed David Hartoch as group chief executive.