Axis Specialty, Marsh & McLennan's (MMC) fledgling reinsurance business, is having a sticky start to life. Last week, Bermudan rival Ace issued a writ against recently appointed chief executive John Charman. The writ claims he had contravened restriction clauses in his exit contract.
More woe for MMC this week. It seems Axis may change its name before it starts writing any business. MMC got cold feet about running a company that shares its name with the coalition of forces that were ranged against the allies in World War II. No decision has been made yet, said a spokesman, but the name Atlas has been suggested.