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Dennis Mahoney, 47, has been named chairman and chief executive officer of Aon Group Ltd., the London-based reinsurance and wholesale brokerage operation of Aon Group Inc. Mr. Mahoney, former deputy chairman and CEO of Alexander Howden Group Ltd. and most recently deputy chairman and CEO of Aon Group Ltd., succeeds Alan Colls, 56, who is retiring. The appointment is effective Jan. 1. . . .Lloyd's of London investment trust LIMIT P.L.C. reported a pretax profit of 10.2 million pounds ($16.5 million) for the six months that ended Sept. 30, a 34% increase over the prior year period. A 2.3 million pounds ($3.7 million) increase in investment income and a 3 million pounds ($4.9 million) gain from the sale of capacity in certain Lloyd's syndicates more than made up for a 2.4 million pounds ($3.9 million) provision for losses on syndicates LIMIT supported in 1994 that have since ceased writing new business. LIMIT said it will increase the amount of business it places with Lloyd's Bankside and Janson Green syndicates. . . . Abtrust Lloyd's Insurance Trust P.L.C., which spreads its investment over many Lloyd's syndicates, has joined the Assn. of Lloyd's Members. ALIT Chairman Peter Gray said joining the ALM is a demonstration of the trust's intention to provide capital to, rather than manage, Lloyd's syndicates . . . .The Channel Island of Jersey has approved a draft law to set up a Financial Services Commission. When the commission becomes operable, expected next summer, it will replace Jersey's Finance & Economics Committee. Among other tasks, it will promote Jersey as an offshore insurance and captive center . . . Stockholm-based SINSER Holding Ltd. has plugged a gap in its global captive management network by setting up SINSER (Guernsey) Ltd. in St. Peter Port, Guernsey. The unit was created through SINSER's acquisition of Spread Insurance Management Ltd. from Reads Holdings Ltd. . . .Also in Guernsey, Italian insurer Assicurazioni Generali S.p.A. has set up Generali International Ltd., through the acquisition of the Sun Alliance International Life Assurance Co. Ltd. . . . Newly authorized London-based reinsurer Liberty Re, a unit of Boston-based Liberty Mutual Group, has opened a representative office in Stockholm, Sweden, with the appointment of Stig Aggevall as its regional representative for the Nordic countries. Prior to joining Liberty Re, Mr. Aggevall spent 17 years as managing director of Kolniska Nordiska, a Stockholm-based unit of Cologne Re. . . .Rating agency A.M. Best Co. has raised its rating of Japanese insurer Sumitomo Marine & Fire Insurance Co. Ltd. and its U.S. branch to A++ from A+; both ratings are in its top "superior" category. Best said the change reflects the insurer's "superior capitalization, leverage and consistently excellent underwriting results". . . .
A.M. Best Co. has assigned an initial A+ rating to Japan's only domestically licensed professional reinsurance company, TOA Fire & Marine Reinsurance Co. Ltd. It said the rating reflects TOA Re's superior market position and capitalization, its superior investment yields compared with most of its peers, and its excellent solvency margin and liquidity. . . .The French government will issue details on its privatization plans for Groupe des Assurances Nationales "within the next few days," said Finance Minister Dominique Strauss Kahn. He also said the government report will assess why the insurer had large losses between 1992 and 1996. In a statement, GAN denied Paris newspaper reports that it had underestimated losses for these years.