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  • Aon Corp has formed a new unit – Aon Specialty – to marry its large global specialty operations with Benfield Corporate Risks (BCR) in the wake of the Chicago-headquartered broking giant's $1.43bn takeover of Benfield Group.
  • Liberty Mutual Group of Insurance Companies has unveiled a string of management changes due to take effect in January 2009 in a reshuffle involving three of the company’s four business divisions.
  • London market broker Howden, a subsidiary of private-equity backed Hyperion Insurance Group, agreed the transfer of Benfield Corporate Risk’s (BCR) John Plummer-led US wholesale property and casualty team, as predicted by The Insurance Insider.
  • As the market is poised for an updated industry loss estimate for Hurricane Ike from Property Claims Service (PCS) this week, Bermudian reinsurer PartnerRe Ltd has increased its own pre-tax figure to $305mn.
  • International insurer AXA felt the strain of difficult global equity markets last week as it was forced to abandon its ‘Ambition 2012’ long-term growth target aimed at trebling underlying earnings per share between 2004 and 2012.
  • BMS Group has reached a settlement with former senior employees and rival London market broker CJ Coleman (CJC) over claims of conspiracy and gross breach of duty that were being heard in the UK High Court last month, The Insurance Insider can reveal.
  • Australian (re)insurance group QBE is raising almost $1.4bn to fund an ambitious expansion drive which will see it purchase US underwriting agency ZCS for $575mn, continuing its recent US growth.
  • London-based captives and mutual manager Heritage has received the green light to establish Heritage Insurance Management (Bahrain) WLL (HIMB) on the Persian Gulf island kingdom Bahrain.
  • Fabrice Desnos, CEO of Credit insurance specialist Euler Hermes UK has told The Insurance Insider that an increasing number of risks “have become uninsurable in the strictest sense” and underwriters are having to be more selective about the risks they wri
  • Bermudian (re)insurer ACE Ltd has launched a Swiss-based insurance company, ACE Insurance (Switzerland) Ltd, to write (re)insurance business for ACE Europe’s Zurich branch established in 2003.