October 2006/2

US giant American International Group (AIG) announced last week (2 October) that it had purchased Arch Insurance’s US Ocean Marine unit.

Willis Group Holdings has revealed that Don Bailey will replace Mario Vitale as CEO of Willis North America.

American International Group (AIG) is to turn over internal documents to Maurice “Hank” Greenberg after a judge ruled in favour of the US giant’s former chairman and CEO.

Lloyd’s CEO Richard Ward has used his maiden speech to the industry to outline the challenges the Corporation faces.

Benign loss conditions contributed to the US property casualty industry recording an underwriting profit of $15.1bn for the first half of 2006, according to a report from rating agency AM Best.

A number of (re)insurers are growing significant reserve redundancies, potentially using them to support margins and returns as the market softens, according to research by analysts at Morgan Stanley.