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.

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.

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.

UK-listed broker Jardine Lloyd Thompson Group plc (JLT) has parted company with John Hastings-Bass, the chairman of its international retail broking operations.

Gallagher Re announced the appointment of Kenneth King as a senior vice president on 12 September.

HSBC Insurance Brokers announced last week that it has set up a new US wholesale broker and managing general agency, which will trade as Intermediary Solutions, in New York.

UK general insurer Royal & SunAlliance (RSA) announced that its Danish subsidiary Codan acquired two Norwegian insurers on 12 September.

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

Lloyd’s broker RFIB Group announced two new appointments on 11 September as it continues to expand its non-marine division internationally.

The (re)insurance industry’s growing interest in the Middle East was confirmed over the weekend with American International Group (AIG) opening regional headquarters in the Dubai International Financial Centre (DIFC).