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.

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.

The London market's first fully paperless claim settlement has been completed between reinsurance broker Guy Carpenter and Lloyd’s insurer Amlin.

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.

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

Quoted Lloyd’s reinsurer Advent Capital (Holdings) plc gave an upbeat assessment of trading conditions while unveiling a profit before tax of £12.1mn for the first nine months of the year.

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.

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.

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.

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