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

US insurers have received a second boost from the courts as they battle the “wind versus water” claims related to Hurricane Katrina.

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).

Lloyd’s insurer Kiln plc revealed plans to pre-empt its 2007 syndicate capacity to around £1bn in its interim results statement on 12 September.

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

Lloyd’s Names are being asked to support the new sports Syndicate 3334 which was formed in July 2006.

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.