September 2006/4

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.

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

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

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.

Omega Underwriting Holdings Plc has become the second Lloyd’s (re)insurer in a week to confirm plans to redomicile to Bermuda and the first to confirm it has received clearance from the UK authorities.

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

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