April 2007/4

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.

AM Best has assigned an A- rating to Max Specialty Insurance Company, the recently launched excess and surplus lines operation of Bermudian Max Re Capital.

European insurance trade body the Comité Européen des Assurances (CEA) has urged the European Commission (EC) to retain the industry’s block exemption from certain anti-competition rules, arguing it actually promotes competition.

The Bermuda Monetary Authority (BMA), the island's financial regulator, has appointed a new chief executive to begin in July, the body said last week.

Charlie Crist, the Florida governor behind far-reaching reform in the state’s hurricane catastrophe fund earlier this year, has run into opposition from the White House over proposals for a federal catastrophe insurance programme.

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.

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