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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.
  • 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 insurer Kiln plc revealed plans to pre-empt its 2007 syndicates capacity to around £1bn in its interim results statement today (12 September).
  • Swiss-based reinsurer Glacier Reinsurance AG announced today (11 September) it has appointed Dr. Luzi Hitz as Senior Property Underwriter.
  • 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.
  • 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”.
  • Cooper Gay Intermediaries (CGI), the US treaty arm of London-based reinsurance broker Cooper Gay, announced the appointment of Michael Joyce as executive senior vice president on 8 September.
  • Reinsurance broker Guy Carpenter has hired Nick Gralton from rival RK Carvill & Co to head up its US wholesale casualty business.
  • Confirmation of the steep rise in catastrophe exposed reinsurance came from Guy Carpenter & Co which revealed that rates have increased this year by 76 percent in the US and 129 percent in Mexico.
  • UK-listed Chaucer Holdings plc became the latest Lloyd’s insurer to announce a decline in profits due to the weak dollar when it released its interim results today (11 September).