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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.
  • 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.
  • The London market's first fully paperless claim settlement has been completed between reinsurance broker Guy Carpenter and Lloyd’s insurer Amlin.
  • 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.
  • RK Harrison Insurance Brokers Ltd, the independent London market brokers, will appoint the former Jardine Lloyd Thompson Group executive Dominic Collins to replace its retiring executive chairman, Richard Corfield.
  • 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.
  • 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.
  • German reinsurer Hannover Re reported a "gratifying" third quarter result in which the group posted net income of EUR123.5mn.
  • 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.