April 2008/2

The introduction of new laws in the UK covering corporate manslaughter has prompted one insurer to revamp its existing offering.

Reinsurers faced increased competition and a softening market at the recent 1/4 renewals, according to Willis Re.

Sagicor Financial Corporation (SFC) - the Caribbean financial services group which bought Lloyd's insurer Gerling at Lloyd's and its Syndicate 1206 last year - announced an increase in net income to over $100mn in 2007.

Lawrence Brandes, the head of Cadwalader Wickersham & Taft's reinsurance practice, has left the law firm to join rival DLA Piper in New York.

Royal & Sun Alliance (RSA) has continued the disposal of its legacy business with the sale of two run-off portfolios in its Scandinavian subsidiary Codan to Wasa Run-Off.

Thomas Busher is to head the European operations of Montpelier Re.

Rating agency Standard & Poor's has become the latest firm to highlight the inadequacy of airline premium levels for managing the industry's future losses.

The management buy-out of Gallagher Re's Singapore subsidiary led by Richard Austen - as first revealed in The Insurance Insider in February - has been completed.

Beleaguered Bermudian life reinsurer Scottish Re Group has suffered another ratings downgrade as uncertainty over its financial position continues.

Bermudian RenaissanceRe Holdings Ltd has bought US crop insurance managing general underwriter (MGA) Agro National.

Analysts have welcomed reports that Russia's largest bank Sberbank is considering buying Allianz unit Dresdner Bank's investment banking business.

The chairman of Australian insurer QBE Insurance Holdings blasted the Australian Stock Exchange for its "conflict of interests" following volatility in the company's share price which he blamed on short sellers.