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May 2007/5

  • Marsh Inc has announced the creation of Marsh Oman LLC, a joint venture with the Omani business Zubair Group.
  • Aon Corp has announced the planned departure of its influential chief financial officer Dave Bolger, who will leave once his successor has arrived.
  • Lloyd's insurer Heritage Underwriting Agency plc is to add an international treaty team later this year headed by former Ascot underwriter James Braddock.
  • Munich Re has announced plans for a EUR1bn subordinated bond issue as it continues to restructure its capital base.
  • A temporary restraining order has been issued against Bermudian (re)insurer Arch Capital Group (Arch) over its poaching of a 30-strong property fac team from US rival General Reinsurance Corporation (Gen Re), The Insurance Insider can reveal.
  • The laws of European Union countries are moving into line as the effect of insurance directives increases, according to a report by reinsurance broker Guy Carpenter and legal firm DLA Piper.
  • Bermudian headquartered PartnerRe confirmed last week that it has acquired the international reinsurance renewal rights of Mutuelle Centrale de Reassurance (MCR).
  • QBE Insurance (Europe) has merged its London casualty operations to create an £850mn premium-income underwriting unit.
  • Judges in the UK High Court last week upheld the £48mn divorce award to the ex-wife of John Charman, the former Lloyd's deputy chairman and founding president of AXIS Capital.
  • Specialist financial services investment bank Fox-Pitt, Kelton (FPK) announced a merger with its peer Cochran Caronia Waller (CCW) last week.
  • Rating agency Standard & Poor's (S&P) has updated its insurance capital model to include an explicit allowance for diversification.
  • A good year driven by strong margins and a low loss environment were the main themes from trading statements released by four Lloyd's-based insurers last week.