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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.
  • 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.
  • Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon's expansion into the power sector.
  • Chuck Hewitt is leaving Benfield to join rival Guy Carpenter – the second senior executive to make the journey in two months.
  • Illinois-based sports underwriter Pro Financial Services Inc was sold last week for $73mn - the equivalent of over seven times "base" earnings.
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