November 2007/2

AJ Gallagher International's (AJGI) new onshore/offshore energy and utility broking subsidiary is set to begin operations in the New Year.

Beaufort became the fourth independent Lloyd's insurer to sell this year as interest in One Lime Street remains sky high.

Allianz continued its strategic stake-building in the UK distribution chain this month, with confirmation that it has acquired a 10 percent minority share of Yorkshire-based broker The Oval Group, as predicted by The Insurance Insider in September.

Lloyd's has approved two new sidecar syndicates for the 2008 year of account, with a targeted combined capacity of £85mn for the Hiscox and Ark quota share special purpose vehicles.

Marsh is mulling the formation of a UK-based facultative (Fac) reinsurance arm that could end up competing with sister company, Guy Carpenter & Co, The Insurance Insider understands.

Marsh & McLennan Companies, Inc (MMC) roundly disappointed analysts and investors with a slump in third quarter profits from continuing operations to $80mn compared to $130mn in the prior-year period.

The first steps may have been tentative. But, in the past two months, London market and European insurers have been confronted by a quick fire succession of demands for additional commissions from brokers.

Marsh Ltd will be forced to defend itself on charges of poaching a senior aviation team and confidential business information from United Insurance Brokers (UIB) in a trial scheduled to take place next summer.

(Re)insurance specialising law firm Barlow Lyde & Gilbert's (BLG) continues to suffer from an exodus of senior lawyers.

London market reinsurers led by Allianz have had their appeal dismissed against the striking out of significant parts of their defence in the controversial EUR44.3mn dispute with the North Korean national insurer.

Trading activity has started at the cat derivatives trading platform Insurance Futures Exchange Services (IFEX) with cumulative trading volume totalling 1,209 lots, equivalent to over $12mn of (re)insurance limit, at the end of October.

A US judge who ruled in favour of Gen Re in its dispute with Arch Capital Group over the poaching of a thirty strong facultative team declared that trade secrets can be stored in one's memory.