April 2007/4

Bermudian (re)insurer Allied World Assurance Company has made a $2.1mn settlement with the Texas attorney general Greg Abbott over his investigation into bid-rigging by the firm.

Beazley Group plc has increased the capital of its US admitted insurance company, Beazley Insurance Company by $45mn, bringing its total capitalisation to around $105mn.

Two former Marsh & McLennan Cos (MMC) executives went on trial in New York last week facing charges relating to a lucrative bid-rigging scheme.

Three Lloyd’s (re)insurers are building operations in Shanghai as part of Lloyd’s new Chinese reinsurance operation.

Converium has reeled out key business partners in its public campaign to shareholders as it continues to fend off advances from rival SCOR with a warning that a tie-up could mean the loss of up to $800mn in premium income.

Former Lloyd’s commercial director Roger Sellek is set to join ratings agency AM Best next month to drive its non-US operations, Insider Week can reveal.

The airline market continues to soften at a significant pace, with March renewals delivering average lead hull and liability reductions of 30 percent, according to a report by Aon Aviation.