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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.
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