September 2006/5

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

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

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.

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

Catastrophe modelling agency Risk Management Services (RMS) has said that the formation of an El Niño in the eastern Pacific will not alter its medium-term hurricane forecasts.

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

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

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.