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September 2006/4

  • With the 2006 Monte Carlo Rendez-Vous offering relatively benign conditions for networking and negotiations after the travails of 2004 and 2005, discourse last week focussed on the underlying issues facing the industry in a two-paced market.
  • Aon Captive Services has formed White Rock Insurance (Guernsey) ICC Limited, the first incorporated cell company (ICC).
  • All four independent directors have resigned from Converium’s UK partner, the Medical Defence Union (MDU), following a dispute over salary disclosure.
  • There are many in the US insurance industry who have mixed feelings over Eliot Spitzer’s political aspirations.
  • 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.
  • 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.
  • UK-listed broker Jardine Lloyd Thompson Group plc (JLT) has parted company with John Hastings-Bass, the chairman of its international retail broking operations.
  • Bermudian-headquartered (re)insurer Aspen Insurance Holdings Ltd confirmed last week (11 September) the loss of Nick Bonnar and Ian Beaton.
  • 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.
  • 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
  • Up to $500mn of retrocessional capacity will be withdrawn from the market following the completion of Swiss Re’s acquisition of GE Insurance Solutions earlier this year.
  • 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.