April 2008/1

A slump in underwriting results in the US property/casualty insurance industry dented its profitability last year, according to Insurance Services Office (ISO).

The head of Lloyd’s China, Ian Faragher is to step down after two years in the role, The Insurance Insider can reveal.

Japanese renewals unpredictable following losses; ACE to make Swiss move; Junipurus start-up builds underwriting team; Mapfre appliesfor Brazilian licence; S&P warns on Swiss Re’s missing business...

Berkshire Hathaway Inc has taken on two of White Mountains Insurance Group Ltd’s run-off units as part of the $836mn that divests it of its stake in the insurer.

Despite reports that run-off unit Minster is up for sale, JP Morgan is unlikely to dispose of the portfolio if its acquisition of Bear Stearns goes ahead, according to an advisor close to the deal.

Tawa plc closed its acquisition of PXRE Reinsurance Company in a deal which saw a surprise $14.4mn investment from a trust owned by billionaire steel magnate Lakshmi Mittal family members.

Insurers are not liable for covering any part of an $80mn settlement made by troubled investment bank Bear Stearns over its stock research practices, the New York Court of Appeals has ruled.

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

Insurers owned by US giants American International Group (AIG), Chubb and CNA are facing a multi-million dollar bill for cleaning up the Fox River in Wisconsin after a jury ruled in a paper company's favour.

Munich Re confirmed the launch in March of its second ILS transaction this year, following its extreme mortality cat bond Nathan Re in February.

The continued convergence of capital and insurance markets is one of the 'megatrends' facing the insurance industry, according to Joe Plumeri, chairman and CEO of Willis Group Holdings.

Marsh & McLennan Cos and Willis Group Holdings Ltd - two of the global brokers who axed contingent commissions in the aftermath of Eliot Spitzer's investigations into the industry - are complying...