September 2006/4

London-based broking proposition Oxygen Holdings plc launched its reinsurance arm, Oxygen Re, last week. Oxygen Re will cater for all types of non-marine, marine and aviation treaty reinsurance and retrocession covers on a

Scientists have identified the return of the Pacific weather phenomenon known as El Nino as one of the reasons for the benign hurricane season so far this year.

Marsh & McLennan Companies (MMC) announced on 15 September 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.

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

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

Up to $500mn of retrocessional capacity will be withdrawn from the market following the completion of Swiss Re’s acquisition of GE Insurance Solutions earlier this year.

Alongside diversification, the leading rating agencies were intent on raising the profile of Enterprise Risk Management (ERM) for (re)insurers at the 2006 Monte Carlo Rendez-Vous last week.

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.

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.

Bermudian-headquartered (re)insurer Aspen Insurance Holdings Ltd confirmed last week (11 September) the loss of Nick Bonnar and Ian Beaton.

There are many in the US insurance industry who have mixed feelings over Eliot Spitzer’s political aspirations.