What’s New: In Brief (September 17, 2007)

EGI Financial Holdings Inc. (“EGI”) has announced that its wholly owned subsidiary, Echelon General Insurance Company, is entering the Canadian emergency travel health insurance market through agreements with key distributors, which are expected to generate Cdn$16 million in annual premiums.
Until earlier this year, EGI was prevented by a now-expired non-competition agreement from participating in the emergency travel health insurance business, EGI noted in a press release. EGI’s niche products division staff has extensive experience in this line of business.
The travel health insurance market continues to grow steadily due to the increased affluence and aging of the Canadian population. These new programs will contribute to the continuing growth of the niche products division, with most of the written premiums from these new programs being generated prior to the end of 2007.

Marsh & McLennan Companies, Inc. (MMC) has announced that Brian M. Storms is stepping down from his position as CEO of Marsh Inc., MMC’s insurance broking subsidiary, effective immediately.
The search for a successor is already underway, the company announced in a release. In the interim, Michael G. Cherkasky, president and chief executive officer of MMC, will serve as acting CEO of Marsh.
“Brian has made important contributions to Marsh’s recovery over the past two years,” Cherkasky said in a press release. “Our long-term strategy is sound and a solid foundation has been built. That said, we now need a different set of leadership and operational skills to complete the successful transformation of Marsh.”
Marsh, an insurance broker and risk advisor, has 26,000 employees providing advice and transactional capabilities to clients in more than 100 countries.