September 2007/4

A new £125mn capacity syndicate headed by WürttUK managing director Stephen Redmond is at the final stages of seeking approval from Lloyd’s franchise performance directorate, Insider Week can reveal.

Marsh Inc, the broking unit of US (re)insurance conglomerate Marsh & McLennan Inc (MMC), suffered further senior management disruption last week as it parted company with chief executive Brian Storms.

The European Commission's (EC) long-awaited final report into business insurance could see a shake-up of the London subscription market if it takes action against the practice of co-insurance.

Despite reinsurers generally agreeing that rates in the softest reinsurance lines such as aviation and US casualty will fall by around 10 percent next year, a leading figure in the sector has warned that this figure be significantly higher at renewal.

UK consolidation giant Towergate has denied suggestions that it is poised to refinance its debt structure or raise further funds to pay for future acquisitions.

"Class of 2005" alumnus Flagstone Re is the latest Bermudian to build a significant presence in Switzerland, with the appointment of Guy Swayne as CEO of its newly capitalised subsidiary.

London-based underwriting pool Global Aerospace Underwriting Managers (GAUM) was the lead on the cover of the aircraft that crashed on the Thai island of Phuket yesterday (16 September).

Shares in troubled UK lender Northern Rock were in freefall today amid a run on the bank as fears continued over its ability to survive the ongoing US sub-prime triggered credit crunch.

(Re)insurance consultancy, Axiom, has launched a new claims management service to enable reinsurers to respond effectively in the wake of a major catastrophe.

Catastrophe modelling firm EQECAT has estimated that insured losses caused by Hurricane Humberto will be less than $1bn.

Former Independent Insurance finance director Dennis Lomas became the last of the firm's trio of senior executives to take the witness stand last week.

Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon's expansion into the power sector.