May 2012/4

Shares in the UK's second largest insurance company Aviva fell 8 percent last week after disappointing shareholders with its interim management statement and news that the search for a new CEO may take the rest of the year.

The sale of 1.2 million Hyperion shares by BP Marsh & Co Ltd has valued the international broking and managing general agency group at £165mn.

The capital strength of BP's captive insurer Jupiter deteriorated in 2011 as it took on more risk, but AM Best affirmed the Guernsey vehicle's A financial strength rating last week.

John Paulson's hedge fund Paulson & Co no longer intends to take an activist shareholder role at The Hartford after lobbying the firm to break up its life and non-life operations earlier this year, according to regulatory filings.

Omega Syndicate 958 scaled back the amount of third-party liability business that it wrote by almost a third in the first quarter of 2012 after a reserve strengthening exercise last year dragged the segment to a significant loss

Flagstone shareholders will have to wait even longer for an official word on the long-rumoured M&A process, after the company conducted an annual general meeting (AGM) in Switzerland without making a statement on the subject.

Aon UK chairman Paul Manduca has been chosen by the Prudential's board to succeed outgoing chairman Harvey McGrath, according to reports.

Simon Gander is to take over the leadership of Aon Benfield's Global ReSpecialty unit after leading London producer Graeme Moore relinquished the role, The Insurance Insider has revealed.

Rick Lutenski, CFO of Ariel Holdings prior to the deal with Goldman Sachs, has been appointed chairman of Lloyd's insurer Atrium Underwriting Group, The Insurance Insider can reveal.

Flagstone founder Mark Byrne and Singapore-based carrier Asia Capital Re (ACR) received a cool reception from the Lloyd's performance management directorate after meeting to discuss their ambitions to launch a Lloyd's start-up, The Insurance Insider understands.

It is unclear how much of the recent deterioration on last year's Thai floods will feed through to international reinsurers, but it seems unlikely they will take more than the $800mn of additional losses that have stuck with the Japanese "big three".

Axis signs CFO from XL; Spitzer emails reviewed; Kiln to Walkie Talkie: over; RSA specialties unite; Xchanging in line; Dual expands; $6bn PICC IPO; Turk reinsurer Milli on watch