September 2006/4

Price Forbes Ltd, the London-based international wholesale operation owned by Marsh & McLennan Companies Inc, has been spun-out of the broking giant via a management buy-out, The Insurance Insider can reveal.

The $35mn third-quarter hedge fund investment reverse revealed by Bermudian reinsurer Max Re Capital yesterday (20 September) has been linked to heavy energy losses at Amaranth Advisors.

First half pre-tax profits at quoted Lloyd’s insurer Hardy Underwriting Group plc slipped to £6.1mn the company announced today (20 September), against £7.7mn in the prior-year period.

Failed (re)insurer Alea Group Holdings Ltd announced a post-tax loss of $10.7mn for the first half of 2006 today (20 September) as it continues its transition to run-off.

Max Re Capital Ltd is the latest new market in the aviation sector with the arrival of former La Réunion Aérienne underwriter Olivier Marre.

Aon Captive Services has formed White Rock Insurance (Guernsey) ICC Limited, the first incorporated cell company (ICC).

Chaucer Syndicates Limited, the managing agency arm of Chaucer Holdings PLC, announced today (18 September) that it has recruited an engineering team.

Quanta Capital Holdings announced today (18 September) that it has sold its Environmental Strategies Consulting (ESC) subsidiary, an environmental consulting company.

Up to $500mn of retrocessional capacity will be withdrawn from the market following the completion of Swiss Re’s acquisition of GE Insurance Solutions earlier this year.

CV Starr, the managing agency ultimately controlled by former American International Group (AIG) chief executive Maurice “Hank” Greenberg, revealed on 12 September that it is forming a new Lloyd’s syndicate.

Bob Clements, the man who has launched a host of (re)insurers throughout a long career in the insurance industry, is looking to raise up to $1bn for Ironshore Ltd, a newly capitalised Bermudian-domiciled (re)insurance company that will specialise in provi

Novae Group plc announced on 15 September that its pre-tax profits fell to £16mn for the half year, compared to £27.7mn in the prior-year period.