April 2008/1

Prior-year reserve releases and healthy unearned premium balances were a dominant theme of the reporting season for Lloyd's-listed vehicles.

French bank Société Générale has vowed to mount a "vigorous defence" against a class action lawsuit accusing it of misleading investors and failing to clamp down on the EUR4.9bn "rogue trader" fraud.

Markel International and QBE Limit will have to wait until at least the end of May for a verdict in their UK High Court showdown with broker Surety Guarantee Consultants Ltd...

But negotiations complicated by formula flaw that may benefit Ascot execs

March discussion paper also raises again the prospect of mandatory disclosure

Second worst ever quarter for single risk losses; but impact on rate pressures remains minimal

Latest sat loss adds upward rate pressure;

Creditors of OIC Run-Off Ltd (OIC) and The London and Overseas Insurance Company Ltd (L&O) will receive an increased payout of 48 percent, the joint scheme administrator has announced.

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.

US giant American International Group (AIG) has confirmed a $13.5mn settlement payout with the Pennsylvania Insurance Department.