April 2007/2

PRO Insurance Solutions Ltd, the proposed Scheme Manager of the WFUM Pools Scheme, has confirmed that the 14 WFUM pools scheme companies are applying to the UK High Court for sanction of the proposed schemes.

Flagstone shares forge ahead after shaky start; Wurtt gets Best A- despite rival downgrade; Nephila to grow weather market; Cuomo gets go-ahead for Liberty Mutual suit...

Private equity firm to buy Alea for £162mn; Xchanging in £400mn+ IPO bid; QBE launches PI division; Royal settles student loans dispute with MBIA; Lloyd’s welcomes UK tax cut...

The spectre of asbestos returned to haunt reinsurance giant Munich Re as it revealed in its full annual report a $600mn strengthening of loss reserves for related claims at its US operation.

QBE Limit and Markel are set for a November High Court showdown with broker Surety Guarantee Consultants Ltd (SGC) over allegations of fraud in connection with construction bonds it issued as a coverholder.

As the exodus of Lloyd's insurers to Bermuda has gathered pace, anecdotal evidence continues to suggest interest from Bermudians in making the opposite journey across the Atlantic.

As capital pressures continue to ease for reinsurers, rates in the US are likely to drop by up to 20 percent at 1/6 and 1/7 renewals in certain lines, according to a report by broker Aon Re.

An opening ceremony, hosted by the Lloyd's chairman Lord Levene, will be held in Shanghai on 16 April to launch the Society's new Chinese onshore reinsurance operation.

In 2003, when Rolf Tolle joined Lloyd's as its first Franchise Performance director, the market was still in remission following the devastation of the World Trade Center losses and the enervating casualty losses of the late nineties.

Our monthly column keeping check on US and EU legal and regulatory developments, in association with Sidley Austin LLP

Ruxley Ventures, the London based firm which specialises in acquiring legacy businesses, is in talks to buy a run-off unit from Italian giant Generali, The Insurance Insider understands.

Maurice "Hank" Greenberg sold another chunk of his American International Group (AIG) shares netting around $28mn last month. Greenberg sold 400,000 shares at an average price of $69.86 each, adding to the sales he made last year.