November 2007/3

Zurich Financial Services Group (ZFS) has named ex-Converium Holdings CEO Inga Beale as head of organisational transformation and mergers & acquisitions with effect from 1 January 2008.

European giant Munich Re has announced its support for a project to develop a “realistic” global, open-source earthquake model.

The Australian Supreme Court has sentenced Dominic Fodera, the former chief financial officer of failed insurance company HIH, to at least an extra year in prison.

Roger Townsend, executive director of Xchanging Insurance Services (XIS), has dismissed market accusations that it is taking advantage of a monopoly over the market.

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.

German insurance giant Allianz SE has issued EUR155mn and $65mn of European windstorm cat bonds through a newly created EUR1bn shelf vehicle, Blue Fin Ltd, as predicted by The Insurance Insider last month.

Newcomer Ark Syndicate Management, which started writing business at Lloyd's in April this year, has proposed the launch of a sidecar syndicate, which is currently subject to approval by the society's Franchise Performance Directorate.

The departure of Marsh CEO Brian Storms after a disappointing performance at the broker has cost parent company Marsh & McLennan (MMC) $13mn in severance costs.

The forthcoming Australian cyclone season is expected to be the worst in over a decade, according to forecasters at Tropical Storm Risk (TSR).

Private equity backed Canopius Group is to establish an underwriting operation in Singapore through Lloyd's Asia.

Hannover Re reported a 55 percent increase in its net income for the first nine months of the year.

French (re)insurance giant AXA posted life and savings new business volume of EUR5.6bn in the first nine months of 2007, up 26 percent on the previous year’s nine months, or 10 percent on a comparable basis...