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October 2006/6

  • Alchemy Partners has agreed to buy the independent Lloyd’s insurer Cathedral Capital for £113mn, The Insurance Insider can reveal.
  • 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.
  • 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
  • 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.
  • IPC Holdings joined its fellow Bermudian reinsurers by bouncing back from last year’s record third quarter losses and posting a profit this year, it reported on 24 October.
  • ACE Ltd’s president Evan Greenberg struck a cautious note as the Bermudian powerhouse unveiled strong third quarter earnings last week.
  • Flagstone Reinsurance Holdings became the first “Class of 2005” reinsurer to confirm plans for an IPO after filing with the US Securities and Exchange Commission (SEC) in a bid to raise $175mn in an initial public offering (IPO) on 24 October.
  • 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.
  • Richard Ikin, the property underwriter who resigned from Hardy Underwriting earlier this month, is set to join rival Novae Group plc, The Insurance Insider can reveal.
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