September 2005/1

Marsh & McLennan Companies Inc (MMC) announced today (9 September) that president and CEO Michael Cherkasky will hand over the reins of broking subsidiary Marsh Inc to Brian M Storms with immediate effect.

Pressure from US regulators over finite reinsurance continues unabated, with the revelation that Joseph Brandon, chief executive of Berkshire Hathaway’s General Reinsurance unit, has received a Wells notice from the US Securities and Exchange Commission..

Catastrophe reinsurer PartnerRe has become the first of the Bermudians to report its assessment of Hurricane Katrina losses.

On the eve of the key Monte Carlo reinsurance Rendez-Vous event, Standard & Poor’s has again downgraded a troubled reinsurer below its pivotal A- rating.

Lloyd’s insurer Kiln has released its estimates of the impact of Hurricane Katrina, suggesting that insured market losses will be in the region of $40bn, split $35bn for on-shore losses and $5bn for off-shore losses.

Swiss insurer Zurich Financial Services (ZFS) has released its preliminary estimates of losses resulting from the recent flooding in Switzerland, southern Germany and Austria.

Lloyd’s insurers Chaucer and Beazley have added their figures to the list of early estimates of damage from hurricane Katrina.

GoshawK - the parent company of Bermudian reinsurer Rosemont Re – has announced its estimate of losses as a result of Hurricane Katrina.

Douetil raises spectre of $50bn insured losses: Wellington and Royal & SunAlliance (R&SA) have become the latest UK insurers to comment on incurred losses as a result of Hurricane Katrina.

Lloyd’s of London is sensibly awaiting details from its trading syndicates before revealing details of its estimated losses from Hurricane Katrina.

Bermudian reinsurer Partner Re has appointed Emmanuel Clarke to head up the property and casualty business unit of its global operations.

Start-up European reinsurer Glacier Re has added to its pool of underwriting talent with the appointment of Franco Masciovecchio as senior underwriter on its property and energy portfolio.