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

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.

The UK’s Competition Commission has provisionally cleared the acquisition of CBS Private Capital Ltd’s business to rival Hampden Agencies Ltd...

Hedge fund king Chris Flowers resigned from his role as a non-executive director at Maurice “Hank” Greenberg US managing agency CV Starr & Co last month, Insider Week can reveal.

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.

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.

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.

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.

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

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 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.

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.

Pro Insurance Solutions Ltd, the Swiss Re owned run-off consultancy, has been appointed by Rosemont Re to advise the defunct Bermudian reinsurer.

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.

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