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October 2006/6

  • Marsh Inc has parted company with William (Bill) Malloy, its president and former head of its Europe operations, after making his role redundant, The Insurance Insider can reveal.
  • Alchemy Partners has agreed to buy the independent Lloyd’s insurer Cathedral Capital for £113mn, The Insurance Insider can reveal.
  • Broking giant Aon Corp came in below analyst estimates yesterday (1 November) with its third quarter results but five percent growth in its core broking business will be better received by shareholders.
  • There were few surprises as Marsh & McLennan Companies, Inc (MMC) released a steady set of third quarter results today (1 November), with consolidated revenues up four percent to $2.9bn on the prior-year period.
  • Speculation that UK broker Jardine Lloyd Thompson Group plc was considering a strategy of focussed regional growth was quashed today when the company announced a major restructuring that includes greater integration of its two separately branded wholesale
  • Aon Corp announced on 24 October that it has been named as a partner on the $5bn “extreme makeover” of the Panama Canal.
  • Pro Insurance Solutions Ltd, the Swiss Re owned run-off consultancy, has been appointed by Rosemont Re to advise the defunct Bermudian reinsurer.
  • Aon Re Global has promoted Robert Johnston to become president of its Bermuda operations, Aon Re Bermuda.
  • Chaucer Holdings plc – the Lloyd’s insurer which also specialises in managing third-party underwriting operations – has agreed with Quanta Capital Holdings Ltd the formation of a new managing agency to manage Syndicate 4000.
  • The UK P&I Club Board has agreed a general increase in premium rating of 7.5 percent for the financial year starting 20 February 2007.
  • Lloyd’s CEO Richard Ward has told the market he wants to see all claims transacted electronically by the end of next year.
  • US broker USI Holdings saw its shares leap 8 percent last week after the independent firm admitted it was mulling a private equity buyout offer.
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