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  • Market experts have described Lloyd's underwriter Omega's £50mn-£125mn offer to buy-out Names' capacity on its flagship Syndicate 958 as a shrewd move to utilise its excess capital.
  • Tokio Marine has promoted Wayne Krause to the position of European head of marine underwriting.
  • Another year of strong organic growth from Jardine Lloyd Thompson Group (JLT)'s insurance operations was marred by its reinsurance arm, where trading margins dropped by more than a third
  • Dick Grasso, who by most accounts did a good job of running the NYSE, was forced from his position because he was paid so much that it became an embarrassment to his organization and to the board of directors that paid him so much money. David D 'Aless
  • The rebuilding of the World Trade Center site that was devastated in the 9/11 terrorist attacks will not be completed until the middle of the next decade and may run up to $3bn over budget, according to reports.
  • 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.
  • Lloyd’s gatekeeper Rolf Tolle has to tread a fine line between allowing fresh start-ups across his threshold and being too restrictive. To ensure vibrancy, the market needs fresh blood but too much can lead to downward rating pressures and excessive compe
  • Bermudian (re)insurer Allied World Assurance Company Holdings Ltd (AWAC) plans to borrow $250mn from a $400mn revolving credit facility.
  • Broking giants count cost of Spitzer JLT blames Risk Solutions for sluggish performance Benfield posts flat profits but sees growth in primary markets MMC culls a further 2500 jobs to cut costs
  • All leave had been cancelled for Marsh Ltd’s London brokers at the end of last week as the firm steeled itself for the results of the investigation into its London market practices, but in the end the Freshfields Bruckhaus Deringer-produced 12-page report