October 2007/2

MMC effectively ruled out the immediate elevation of executive Phil Moyles as the next leader of its broking business, Marsh Inc, with a reshuffle of its senior executives last week.

When Benfield Group changed its mind in 2003 and floated on the stock exchange in London, rather than New York, its decision was widely applauded.

Despite the gloomy spectre of a soft market, Lloyd's 2007 interim results reflected the strong performance of insurers underwriting in the market.

Illinois-based sports underwriter Pro Financial Services Inc was sold last month for $73mn - the equivalent of over seven times "base" earnings.

The start-up Lloyd's insurer Ark Syndicate Management will add accident & health to its list of classes next year following its swoop for senior class underwriters at St Paul Travelers Syndicate 5000 and American International Group (AIG).

Jonathan Thomas, the former underwriter of personal accident (PA) specialist Syndicate 1607, has joined the Munich Re backed Watkins Syndicate.

Bermuda is set to welcome Iron Re – a class 3 (re)insurer for corporate asbestos liability risk backed by hedge funds – according to documents seen by The Insurance Insider.

Investment bank to structure adverse development cover ILS products