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.

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.

Willis became the latest of the international brokers to announce job losses as part of an efficiency drive with confirmation by the company that it would cut 400 positions.

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.

Transatlantic Holdings, the parent of Transatlantic Re, reported record third quarter net income of $106.9mn on 26 October.

Bermudian reinsurers Everest Re and PartnerRe both announced on 23 October that that they had returned to a third quarter profit after last year’s storm losses.

Max Re announced today (30 October) that its founding chief executive Bob Cooney has resigned from the Bermudian (re)insurer after the company revealed it had reopened investigations into two finite reinsurance deals.