Brokers to merge

Two Lloyd's of London insurance brokers with operations in Bermuda are to merge.

Business Insurance reported on Friday that Prentis Donegan Partners and Price Forbes Ltd. will join forces and be known as Price Forbes.

The combined entity would handle more than $500 million in premiums. In 2003, Price Forbes reported $254 million in premium and Prentis Donegan processed premiums of $331 million.

Prentis Donegan's business includes placing property, casualty, marine and energy coverages while Price Forbes specialises in property, casualty, medical stop-loss and directors and officers liability insurance.

The merged company will be chaired by Simon Fisher, the current chairman of Price Forbes. Michael Donegan, chairman of Prentis Donegan, will become chief executive officer of the merged company.

Terms of the deal were not disclosed.

Kramer's new post

Former ACE Ltd. vice chairman Donald Kramer will take up a new position as executive of the office of the president and chief executive officer of the company.

Mr. Kramer, who stepped down on May 27 as vice chairman after eight years, will assist the new ACE chief executive officer Evan Greenberg “on various projects and will represent him from time to time”, the company said.

“Mr. Kramer's new role at ACE ensures that we can augment the effectiveness and reach of ACE at the most senior level,” Mr. Greenberg said. “Mr. Kramer has been a key ambassador for ACE since he joined us in 1996 and an integral part of ACE's development into the global player it is today.

“There are very few people with Mr. Kramer's expertise and background. I am extremely pleased that he will be remaining with ACE in this new position.”