November 2006/4

Industry legend Hank Greenberg and his Starr companies have sold over 27 million shares in his former company, American International Group (AIG), since May.

The Corporation's chief executive Richard Ward is understood to be close to ordering a restructuring of its senior management and reporting structures, according to sources.

Scottish Re, the under-fire Bermudian life reinsurer, suffered further ratings downgrades from AM Best and Standard & Poor's last week.

Bermudian (re)insurer Max Re Capital Ltd confirmed last week that acting chairman and CEO W Marston Becker has been permanently appointed to the position, following the sudden departure of his predecessor Bob Cooney.

Fresh from its third quarter return to profit, Bermudian-headquartered White Mountains Insurance Group Ltd became the latest (re)insurer to announce plans for a share buyback. According to the company, it would acquire up to 1 millon shares.

Oil Insurance Ltd has announced that nine of its shareholder members would be departing from the energy mutual at the end of the year.

Ascot Underwriting became the latest Lloyd’s insurer to target growth in the South-East Asia by opening an office in Singapore.

German reinsurer Hannover Re reported a "gratifying" third quarter result in which the group posted net income of EUR123.5mn.

Canadian combine Fairfax Financial Holdings is to sell down some 9 million shares in Odyssey Re through a secondary offering, reducing its stake from just over 80 percent to 60 percent.

Insurance giant Zurich Financial Services revealed a near trebling of its third quarter profit last week but analysts were surprised by a $500mn UK asbestos reserves boost with the firm blaming an "uptick" in claims trend.

Tsunami warnings were issued last week following a large earthquake off northwest Japan but the subsequent waves were less damaging than initially feared.

The CV Starr & Co controlled managing agency American International Marine Agency of New York (AIMA) changed its name to Starr Marine Agency on 13 November.