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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.
  • Veteran London market underwriters Peter Cottrell and Niels Aaskov have launched Insure-London, a managing general agency focussing on marine-related and professional lines which will be supported by Brit Insurance, Insider Week can reveal.
  • Beazley Group’s head of specialty lines Johnny Rowell has acquired a further 650,000 shares in the Lloyd’s insurer in an apparent demonstration of his confidence in the company’s prospects and current trading conditions.
  • A year after Standard & Poor’s demonstrated its confidence in SCOR’s rehabilitation, AM Best has also upgraded the French reinsurer to the key A- territory.
  • 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).
  • Lloyd’s insurer Hiscox plc revealed today (11 September) that it is relocating its headquearters from London to Bermuda.
  • In contrast to many of its Lloyd’s competitors, the Bermuda-headquartered Catlin Group received a currency boost from the weak dollar which contributed to record net income of $147.3mn for the first half of 2006.
  • 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.
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