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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.
  • 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.
  • Hiscox plc received approval for its proposed corporate reorganisation and move to Bermuda from shareholders at a Court Meeting and EGM on 15 November.
  • Reinsurance giant Swiss Re was moved to deny reports yesterday evening that it had made a bid for the UK life funds consolidator Resolution plc.
  • Bids are being lined up for Marsh & McLennan's Boston-based Putnam Investments, according to reports in the Wall Street Journal (WSJ).
  • Stephen Way has become the latest "A list" US insurance executive to suddenly resign from his company following regulatory scrutiny into its activities.
  • 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.
  • German reinsurer Hannover Re reported a "gratifying" third quarter result in which the group posted net income of EUR123.5mn.
  • Oxygen Holdings plc, the London market intermediary backed by high profile figures such as ICAP founder Michael Spencer and former Marsh president Bob Clements...
  • Scottish Re, the under-fire Bermudian life reinsurer, suffered further ratings downgrades from AM Best and Standard & Poor's last week.
  • 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.
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