September 2006/5

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 revealed last week (21 September).

Giant European reinsurer Swiss Re has today (25 September) begun the process of informing its employees of the 2,000 job cuts expected as a result of its merger with GE Insurance Solutions earlier this year.

Catlin Group Ltd looks set to become one of the first Lloyd’s (re)insurers to issue a catastrophe bond as the industry’s interest in securitising reinsurance risk continues at a pace, Insider Week can reveal.

Max Re Capital Ltd is the latest new market in the aviation sector with the arrival of former La Réunion Aérienne underwriter Olivier Marre.

UK insurer Brit Insurance Holdings plc today (25 September) announced it has promoted Janet Henderson to head its North American professional liability team, as it targets growth in the business over the next few years.

Fast-growing broker Integro Ltd announced on 18 September that Andrew Starnes would be joining its San Francisco office as principal in its property practice.

Failed (re)insurer Alea Group Holdings Ltd announced a post-tax loss of $10.7mn for the first half of 2006 last Wednesday (20 September) as it continues its transition to run-off.

US insurer Allstate has announced the timetable for the appointment of Thomas Wilson, who succeeds Edward Liddy as its CEO at the end of the year.

US insurer St Paul Travelers Companies last week (21 September) made its second public denial this year that it had plans to merge with Swiss giant Zurich Financial Services.

US giant American International Group (AIG) unveiled Robert Willumstad as its new chairman on 20 September.

Rating agency Standard & Poor’s (S&P) downgraded the ratings on 11 hurricane-linked cat bonds last week (20 September).

US prosecutors have charged three former executives from Berkshire Hathaway’s General Re and one from American International Group (AIG) over fraudulent reinsurance transactions alleged to have been used to massage AIG’s accounts.