November 2006/5

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 Lloyd’s Market Association’s (LMA) has announced that its chief executive Simon Sperryn, will leave the association at Christmas 2006.

AIM-listed Heritage Underwriting Agency plc announced on 24 November that it has raised £14.6mn in a share placement.

UK regulator the Financial Services Authority (FSA) fined Berkshire Hathaway subsidiary General Reinsurance UK £1.225mn last week for arranging two improper reinsurance transactions.

Wellington plc, the Lloyd’s insurer that has agreed to the takeover overtures from rival Catlin Group, has been struck by resignations from its UK property team.

Reinsurance broker Guy Carpenter is leading a consortium of brokers, including Aon Corp and Jardine Lloyd Thompson, which will place Brazil’s largest property contract in the January renewals.

Catastrophe modelling agency Risk Management Services (RMS) has reiterated its medium-term five-year view on the probability of Atlantic storm losses as above average from next year, despite 2006’s placid storm season.

Quoted Lloyd’s insurer Chaucer Holdings plc posted an upbeat trading statement on 23 November with improvements on 2004 and 2005 forecasts and an optimistic outlook for next year.

Omega Underwriting Holdings plc’s move to Bermuda was endorsed by Numis Securities analyst Nick Johnson last week (22 November).

Perhaps demonstrating the capital market’s restraint over supporting new reinsurance ventures, a trio of start-ups in the sector that were mooted to list on the London Stock Exchange’s Alternative Investment Market (AIM) look increasingly unlikely to proc

The sudden departure of HCC Insurance Holdings chairman and CEO Stephen Way has prompted a mixed approach from the two main rating agencies.

The nine shareholder members that are departing Oil Insurance Ltd at the end of the year will face a collective bill of $200mn for leaving the energy mutual.