GLOBAL BRIEFS

The Copenhagen Reinsurance Co. Ltd. of Denmark is restructuring its international operations, converting its subsidiaries in the United Kingdom and Singapore into branch offices. Copenhagen Re already has a branch office in Australia, as well as a representative office in Chile. Leif Corinth-Hansen, group managing director, said the changes will show Copenhagen Re is "moving with the times." Converting the subsidiaries to branch offices will enable them to benefit from the parent company's financial security, though the proposed changes are subject to the approval of local insurance regulators . . . . The Imperial Fire & Marine Reinsurance Co. Ltd. and Skandia International Insurance Corp. have been elected to membership in the Institute of London Underwriters. The ILU decided that a Standard & Poor's rating of BBB or above, or the equivalent from another rating agency, will be a requirement of ILU membership. ILU also announced other changes in membership requirements. The organization will not require parental guarantees for new applicants, and parental guarantees will not be required for current members on any business written from the beginning of this month . . . . Skandia International has been downgraded in its claims-paying ability by S&P to BBB+ from A-, primarily because of its "relatively modest position" within the international reinsurance sector. But S&P upped the claims-paying ability rating of Skandia Insurance Co. Ltd. to A from A-. S&P said its decision was based on "the continued enhancement" of Skandia's business position and its improved capitalization and debt leverage. . . .Lloyd's of London has appointed Christopher Turner as its general representative for Belgium. Mr. Turner, who is head of development and operations for Europe and Central and South America at Lloyd's, takes over from Peter Lane, managing director of the Lloyd's North America business unit based in New York. . . .Lloyd's has set up a sixth business unit to handle its aviation adjusting services. Lloyd's Aviation, which provides adjusting and related services to insurers worldwide, will be chaired by aviation underwriter Terry Pitron. . . .Chicago-based broker Aon Corp. has restructured its London operations into Aon Risk Services Ltd., incorporating U.K. insurance brokering and risk management operations, and Aon Group Ltd., encompassing reinsurance and specialty business. Its most recent purchase, Minet Ltd., is still to be assimilated into the Aon structure . . . . London-based loss adjuster Ellis & Buckle Holdings Ltd. has bought 20% of the shareholding of Athens-based adjuster Panas & Co. Ltd. and added it to Ellis & Buckle's global network. Panas & Co. covers business in Greece, Turkey and Cyprus. . . .U.K. insurer Royal & Sun Alliance Insurance Group P.L.C. has bought AMEV General Insurance Co. Ltd., the Irish non-life subsidiary of Belgian financial services company Fortis Group, for about (British pounds) 12 million ($19.9 million). The purchase is subject to regulatory approval. . . .New York-based insurer Reliance Group Holdings Inc. is looking to increase its activity in China following the signing of a letter of intent between itself and property/casualty insurer Huatai Property Insurance Co. of Beijing. In return for helping Huatai with training and developing new products, Reliance anticipates it will reinsure a "substantial proportion" of those products. . . .Sun Life Provincial Holdings, a division of Paris-based Union des Assurances de Paris until its merger with AXA S.A., is to acquire U.K.-based AXA Insurance, the AXA subsidiary, for (British pounds) 70 million ($116 million) in the form of 22.8 million Sun Life ordinary shares, AXA-UAP announced. The acquisition is part of a strategy to bring together the U.K. holdings of both AXA and UAP after their merger this year.