US Aon Corporation, which has offices in Bermuda, and an unnamed major financial services company.

Aon said it will will be sponsoring a new Bermuda-based insurance and reinsurance company to provide "much needed underwriting capacity" to commercial property and casualty insurance and reinsurance clients.

The new company will be named Endurance Specialty Insurance Ltd and plans to have a capitalisation of

approximately $1.2 billion with investments from several parties, the company said. Aon plans to invest $200 million. Zurich also plans to invest $200 million.

White Mountains new venture. No name as yet but will be a property and casualty reinsurer. The company, which intends to focus initially on property business through the broker market, has a targeted capital of $1 billion, and White Mountain said it was to invest at least $200 million in the venture.

An unconfirmed and as yet unnamed new insurer with capital of more than $1 billion and said to be set up by American International Group Inc, Chubb Corp and Goldman Sachs Group Inc. Said to be property/casualty with an estimated 200 employees.

Arch Capital Group Ltd to set up Arch Reinsurance backed by two private equity firms, Warburg Pincus and Hellman & Friedman, which would invest a total of $750 million in shares and warrants in Arch Capital. The new venture currently has about $500 million in capital. Target capital is $1 billion

RenaissanceRe Holdings Ltd is setting up a new venture called DaVinci Reinsurance Ltd with $500 million initial backing from investors, including State Farm, the largest US insurer.

Insurance broker Marsh & McLennan Cos Inc has also set up new firm, Bermuda-based Axis Specialty Ltd, to offer property, aviation, war and other insurance. Target capital $1 billion.

In addition to the new insurer, Aon Corp. added some property and reinsurance lines to its own underwriting unit, Combined Specialty Corp.