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Gen Re execs indicted
US prosecutors have charged three former executives from Berkshire Hathaway’s General Re and one from American International Group (AIG) over fraudulent reinsurance transactions alleged to have been used to massage AIG’s accounts.
25 September 2006
London Market launches e-claims processing
Process reform in the London Market took a major step forward last week (19 September) with the launch of a repository for Electronic Claims Files (ECF).
25 September 2006
Zurich hires Vitale from Willis to drive US sales
Insurance giant Zurich Financial Services (ZFS) has poached Mario Vitale from broker Willis to head up its Global Corporate North America Operations.
25 September 2006
Hardy and Advent progress on Names buy-out
Quoted Lloyd’s insurers Hardy Underwriting Group plc and Advent Capital Holdings plc are taking the final steps towards achieving the buy-out of remaining Names’ capital.
25 September 2006
Price Forbes confirms MBO
Price Forbes Ltd, the London-based international wholesale operation owned by Marsh & McLennan Companies Inc, has been spun-out of the broking giant via a management buy-out, The Insurance Insider revealed last week (21 September).
25 September 2006
Alea falls to loss as run-off plans progress
Failed (re)insurer Alea Group Holdings Ltd announced a post-tax loss of $10.7mn for the first half of 2006 last Wednesday (20 September) as it continues its transition to run-off.
25 September 2006
Allstate announces CEO succession
US insurer Allstate has announced the timetable for the appointment of Thomas Wilson, who succeeds Edward Liddy as its CEO at the end of the year.
25 September 2006
El Nino formation does not alter hurricane forecasts – RMS
Catastrophe modelling agency Risk Management Services (RMS) has said that the formation of an El Niño in the eastern Pacific will not alter its medium-term hurricane forecasts.
25 September 2006
Glacier Re appoints energy underwriter
Swiss reinsurer Glacier Re announced on 22 September that it has appointed María Arana Antelo as energy underwriter.
25 September 2006
Max Re forms new aviation unit
Max Re Capital Ltd is the latest new market in the aviation sector with the arrival of former La Réunion Aérienne underwriter Olivier Marre.
25 September 2006
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