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

Lloyd’s insurer Kiln plc announced on 26 October that Paul Letherbarrow would be assuming the role of active underwriter of Kiln’s Aviation division, Syndicate 510, subject to Lloyd’s approval.

ACE Ltd’s president Evan Greenberg struck a cautious note as the Bermudian powerhouse unveiled strong third quarter earnings last week.

Despite the recent loss of three of its four most senior underwriting managers, Aspen Insurance Holdings Ltd chief executive Chris O’Kane was confident the departures would not damage the group’s business.

The largest Lloyd’s insurer is set to be created following the agreed takeover terms of Wellington Underwriting plc by Catlin Group Ltd.

Aon Re Global has promoted Robert Johnston to become president of its Bermuda operations, Aon Re Bermuda.

BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services related companies, has increased its brokerage investment with the proceeds of its recent AIM listing.

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.