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 CV Starr & Co controlled managing agency American International Marine Agency of New York (AIMA) changed its name to Starr Marine Agency on 13 November.

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.

Oil Insurance Ltd has announced that nine of its shareholder members would be departing from the energy mutual at the end of the year.

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.

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

German reinsurer Hannover Re reported a "gratifying" third quarter result in which the group posted net income of EUR123.5mn.

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.

Trading by Wellington Underwriting plc in this year's Lloyd's syndicate auctions is being scrutinised following revelations that the company bought capacity on its own syndicate at a fraction of the price now being offered as part of the Catlin Group take

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.

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).