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  • Michael Cherkasky, the president and chief executive of Marsh & McLennan Companies Inc (MMC), has been axed by the firm following continuing criticisms of the group’s performance.
  • CastlePoint Holdings Ltd, the Bermudian holding company launched by the US firm Tower Group last year, reported net income of $10.5mn for the second quarter and $17.6mn for the first half of the year.
  • Tysers has sealed a management buyout, bucking the trend for small to mid-size London broker sales to larger rivals and private equity investors.
  • The World Trade Center (WTC) Captive Insurance Co has extended its deadline for plaintiffs to consider opting in to its $700mn+ settlement scheme by two months until 8 November.
  • David Spiller, the chief executive of MMC's reinsurance arm Guy Carpenter & Co, is close to relocating back to London, The Insurance Insider understands.
  • The price of Brit Insurance debt has fallen sharply this week as investors fear the likelihood of a takeover by a private equity house is increasingly likely.
  • More news of rates remaining firm came from Kiln in its 9 September half-year results presentation.
  • The positive first quarter for Bermudian (re)insurers continued when RenaissanceRe posted a record net operating income of $195.7mn, or $2.73 per share, up from $54.5mn, or $0.76 per share last year.
  • US-based property and casualty reinsurers are writing less premium this year and their combined ratio is deteriorating, according to a survey of statutory underwriting results by the Reinsurance Association of America (RAA).
  • Gentlemen, I enjoy your publication and appreciate the general quality and forthrightness of the editorial; very refreshing and often enlightening. I regret therefore that I must take you to task over a very short insert in your latest issue.