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September 2006/3

  • Omega Underwriting Holdings Plc has become the second Lloyd’s (re)insurer in a week to confirm plans to redomicile to Bermuda and the first to confirm it has received clearance from the UK authorities.
  • Marsh & McLennan Companies (MMC) has announced its second major restructuring in less than two years with news that it plans to shed 750 jobs as part of cost-cutting measures that it says will produce savings of $350mn a year.
  • Lloyd's insurer Kiln plc revealed plans to pre-empt its 2007 syndicates capacity to around £1bn in its interim results statement today (12 September).
  • CV Starr, the managing agency ultimately controlled by former American International Group chief executive Maurice "Hank" Greenberg, revealed today (12 September) that it is forming a new Lloyd’s syndicate.
  • Lloyd’s chairman Lord Levene has added his voice to the lobby calling for a more favourable tax regime to help preserve London’s position in the face of competition from Bermuda and other tax havens.
  • Reinsurance broker Benfield has predicted that the spate of recent regulations issued by the China Insurance Regulatory Commission covering issues including minimum capital requirements and investment regulations will only serve to encourage competition i
  • New York attorney general Eliot Spitzer has amended charges in the civil case against former American Insurance Group (AIG) CEO Maurice “Hank” Greenberg.
  • Bermudian-headquartered (re)insurer Lancashire Holdings Ltd announced on 8 September that its UK subsidiary been granted permission to start underwriting by the Financial Services Authority (FSA).
  • UK motor insurer Highway Insurance Holdings plc revealed a drop in its first half profits on 6 September as the motor market remains “challenging”.
  • Brit Insurance Holdings plc became the latest London market insurer to report a drop in profits due to the weak US dollar, as it revealed on 5 September its interim results.
  • Swiss-based reinsurer Glacier Reinsurance AG announced today (11 September) it has appointed Dr. Luzi Hitz as Senior Property Underwriter.
  • In the September edition of The Insurance Insider, we incorrectly say that Goldman Sachs & Co worked on the recent Tokio Marine cat bond, Fhu-Jin Ltd.
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