September 2006/5

Marsh & McLennan Inc (MMC) revealed last week (19 September) that it is mulling the sale of its Putnam Investments subsidiary.

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.

Process reform in the London Market took a major step forward last week (19 September) with the launch of a repository for Electronic Claims Files (ECF).

Reinsurance giant Munich Re announced last week (20 September) the launch of a new IT infrastructure to support its international reinsurance business.

First half pre-tax profits at quoted Lloyd’s insurer Hardy Underwriting Group plc slipped to £6.1mn from £7.7mn in the prior-year period, the company announced last week (20 September).

Bermuda-headquartered Catlin Group announced today (25 September) that its US subsidiary Catlin US has launched a primary and excess casualty underwriting unit in Atlanta.

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).

The $35mn third-quarter hedge fund investment reverse revealed by Bermudian reinsurer Max Re Capital last week (20 September) has been linked to heavy energy losses at Amaranth Advisors.

Insurance giant Zurich Financial Services (ZFS) has poached Mario Vitale from broker Willis to head up its Global Corporate North America Operations.