September 2005/2

In a surprise move, reinsurance giant Swiss Re announced on 25 August that Jacques Aigrain will succeed John Coomber as its chief executive.

The growing attraction of the run-off sector was underlined last month with the launch of new run-off advisory firm Quest Consultants.

US broker Hilb Rogal & Hobbs Company has settled with Connecticut regulators investigating the firm over alleged compensation abuses.

Rod Fox, the former chief executive of Benfield’s US arm, has returned to the broker to help develop its new Benfield Corporate Risks division.

In our regular monthly London News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Days after 11 September 2001, the former MMC chief executive Jeffrey Greenberg was instrumental in forming Axis Specialty – the Bermudian insurer which has since blazed a trail of success amidst the ripe rating environment of 2002-2004.

In the aftermath of the terrorist attacks on the World Trade Center, The Insurance Insider’s lead editorial quoted the following exchange from Hemingway’s The Sun Also Rises:

Shares decline as H1 profit slump unveiled...

The plane crash in Indonesia earlier this month, was the sixth aviation accident since the beginning of August. Six crashes in as many weeks may appear freakishly high frequency but industry experts are remaining calm as the figures balance out in the...

Supporters of UK solvent schemes of arrangement were encouraged by a Scottish Court’s decision to sanction the M&G Re scheme earlier this month.

Pat Ryan, the founding chairman of broking giant Aon Corp, last month announced plans to sell five million shares in the company, equivalent to some $146mn, last month.

While the full magnitude of insured losses from Hurricane Katrina is still being assessed, it already appears certain that the burden will be high enough to trigger payment from the owners of CAT bonds and insured loss warranties.