November 2010/4

Willis UK head David Margrett will take up the role of president and chief operating officer of Willis Global in addition to his existing responsibilities, The Insurance Insider has learnt.

The UK and western Europe face another cold winter but it will not be as severe as last year's "white-out" that left authorities scrambling to keep transport links open amid salt shortages, according to forecaster WSI (Weather Services International).

Growth in the Middle East is back on track after the 2008-09 construction slump hit the region's nascent insurance industry.

Injury-related costs from a mining explosion in New Zealand are unlikely to impact the international insurance industry, as accident cover is provided by a national compensation scheme.

Aspen Insurance UK has received regulatory approval to start underwriting from a Zurich branch as an admitted direct insurer.

Despite keen investor interest ignited by recent M&A activity, a combination of weak prospective underwriting margins and a perceived lack of capital efficiency will help keep overall equity valuations low in the (re)insurance sector, delegates at an Insurance Insider London One Hundred roundtable heard last week.

Caribbean insurer Sagicor's international property and casualty unit posted a $7.8mn loss in the third quarter as the London-based operation picked up losses from the New Zealand earthquake.

Outgoing PartnerRe CEO Patrick Thiele believes that a successful reinsurance operation requires a high level of integration between the underwriting and investment functions.

Zurich Financial Services has been upgraded by AM Best to reflect the global insurer's stronger balance sheet.

Ace CEO Evan Greenberg has set aside his long-term opposition to share buybacks by securing approval for a $600mn programme.

Start-up Bermudian reinsurance fund CATCo has signed up two executives from the Qatar Insurance Company to its board.

More than 95 percent of "Ground Zero" workers who helped clear up debris after the September 2001 terrorism attack on the World Trade Center have agreed to a compensation offer worth at least $625mn.