November 2007/4

Aon has swooped for key members of Willis’ well-regarded construction practice, Insider Week can reveal.

US broker USI Holdings Corporation has unveiled Michael Sicard as the successor to David Eslick as its chairman, president and CEO.

Bermudian insurer Lancashire Holdings Limited has announced the appointment of Jens Juul and Simon Burton to its board of directors.

UK life insurer Pearl Assurance has emerged as the strongest bidder in the takeover struggle for UK life funds consolidator Resolution plc, after raising its cash offer to 720p per share.

Lloyds TSB Corporate Markets has hired former Citigroup executive Stephen Winningham as global head of its Financial Institutions relationship banking division.

Ratings agency Moody's Investor Services has warned insurers against "diversification for diversification's sake" in a softening market, stating that global market rates are now "past their peak" and "M&A activity can be challenging".

The Companies Act 2006, which is currently in its implementation phase, paves the way for UK shareholders to bring "US-style" derivative actions against directors and officers for breaches of duty.

Catastrophe risk modelling firm AIR Worldwide Corporation has estimated that insured losses from the earthquake that struck Chile last week will not exceed $80mn.

Steve Taylor, business development officer for Gallagher Re, is leaving the reinsurance broker to join one of its clients, WR Berkley Corporation.

The critical Court of Appeal verdict that upheld the Summary Judgement, which struck out large parts of the defence of London market reinsurers led by Allianz in a case brought by the North Korean national insurer...

Philip Grant, chairman of The Association of Run-Off Companies (ARC), is behind a new run-off service provider in London.

Markel International Insurance Company Ltd (MIICL) has welcomed its upgrade by Fitch Ratings to A with a positive outlook.