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.

Ascot Underwriting became the latest Lloyd’s insurer to target growth in the South-East Asia by opening an office in Singapore.

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

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

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.

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.

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.

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

Tsunami warnings were issued last week following a large earthquake off northwest Japan but the subsequent waves were less damaging than initially feared.

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.

Hiscox plc received approval for its proposed corporate reorganisation and move to Bermuda from shareholders at a Court Meeting and EGM on 15 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.

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.

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