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).

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.

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.

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.

Fitch Ratings said the response from the market to its new capital model Prism has been positive.

Heath Lambert Group has won the prestigious Sainsbury account from current incumbent Marsh Ltd, our sister publication The Insurance Insider revealed last week.

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.

In a strategic volte-face, Jardine Lloyd Thompson Group plc (JLT) has sold its US property casualty and employee benefits operations to Alliant Insurance Services Inc for $100mn (£53.3mn) little more than three years after revealing its plans to roll-out