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.

Fittingly, on the day Guy Carpenter and Amlin announced the completion of the London market’s first paperless claim (see story 18), Lloyd’s CEO Richard Ward reaffirmed his commitment to seeing all claims transacted electronically by the end of 2007.

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.

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.

Hiscox plc received approval for its proposed corporate reorganisation and move to Bermuda from shareholders at a Court Meeting and EGM on 15 November.

Bids are being lined up for Marsh & McLennan's Boston-based Putnam Investments, according to reports in the Wall Street Journal (WSJ).

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.

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

Oxygen Holdings plc, the London market intermediary backed by high profile figures such as ICAP founder Michael Spencer and former Marsh president Bob Clements...

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.