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.

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.

Rating agency AM Best has affirmed its financial strength rating of B++ on Swiss reinsurer Converium and revised the outlook on the company to positive.

Electronic trading platform RI3K announced on 11 September the launch of its upgraded trading system “V3”.

“Class of 2005” reinsurer Flagstone Reinsurance Holdings announced on 7 September that it has entered the aviation reinsurance market.

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.