May 2006/6

Bermudian giant ACE announced last Friday (26 May) it has promoted Brian Dowd to CEO of its North American insurance operating division.

Aspen Re, the UK subsidiary of Bermudian company Aspen Holdings, has announced the expansion of its portfolio with a new International Property Facultative team.

The High Court has sanctioned the first transfer of business out of a Lloyd's syndicate since the formation of Equitas ten years ago, opening the prospect of a new method to obtain finality for non-trading syndicates.

Embattled Bermudian (re)insurer Quanta Capital Holdings will move most lines of business into run-off, the company announced on 26 May.

Alexander Forbes Group Ltd has announced a Rand380mn (£31mn) settlement with South African regulators over its practice of "bulking" pension funds and said the package will reduce its 2005 earnings by 20 percent.

Alexander Forbes has appointed Mike Hammond, the former Marsh UK chief executive and JLT Risk Solutions chief executive, as the deputy chairman of its International Risk Services business.

Swiss reinsurer Converium reported its net income of $61.6mn in its first quarter results, taking the company back to a profit after a $5.5mn loss in the prior-year period.

Bermudian reinsurer RenaissanceRe has elected Henry Klehm III to its board of directors - bringing the total on the board to 11 of which nine are independent.

Fast-growing start-up broker Integro has announced two more new appointments in the last week.

UK broker Windsor plc has acquired the remaining minority interests in Argonaut Indemnity to become the sole owner of the company.

London market broker Glencairn Ltd today (30 May) announced the opening of its Moscow office.

BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services related companies, grew its net asset value by 16.3 percent last year.