October 2008/4

Independent (re)insurance broker Cooper Gay has appointed Chris Butcher as MD of FSJ Broking, its UK wholesale division, with immediate effect. Derek Thornton will continue as Executive Chairman and will report to Chris.

Struggling reinsurer XL Re's facultative team has lost a senior property facultative underwriter in its London office, Inside FAC can reveal.

Bermudian (re)insurer Argo Group International Holdings Limited (Argo), which acquired Lloyd's managing agency Heritage earlier this year, has launched a new subsidiary aimed at the financial insurance market.

Montpelier Re launching its own Lloyd's managing agency for the 2009 underwriting year after its plans were approved by the Society and UK regulator the Financial Services Authority.

Fast expanding Lloyd's insurer Jubilee Managing Agency has hired Norman Topche from Willis Re to take the position of director of reinsurance.

Former Independent Insurance executive Keith Rutter has left (re)insurance broker Lockton International for AmTrust as the expansive US insurer looks to grow its London presence.

Lloyd's insurer Amlin plc ended prolonged speculation over its star head of underwriting as it revealed Tony Holt will stand down from executive responsibilities at the end of year, taking a non-exec board position.

Willis Group shares fell heavily after the broking giant reported third quarter profits below analysts’ expectations and said it was reviewing targets for 2009 and 2010 because of the financial turmoil.

A slew of US and Bermudian (re)insurers reported dismal third quarter results as they fell victim to natural catastrophe losses and the credit crunch continued to bite with realised and unrealised losses on investment portfolios.

Modelling firm Risk Management Solutions (RMS) almost doubled its initial estimate for industry losses from Hurricane Ike to a range of $13bn to $21bn last week - making it the third most expensive US hurricane in history.

UK-listed broker Jardine Lloyd Thompson (JLT) group has appointed Patrick Snowball to its board as a non-executive director.

Despite booking its first ever quarterly loss, Bermudian (re)insurer Lancashire Group offered a bullish assessment of prospects in the market, as it heralded a return to hardening conditions.