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April 2008/2

  • The introduction of new laws in the UK covering corporate manslaughter has prompted one insurer to revamp its existing offering.
  • 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.
  • Thomas Busher is to head the European operations of Montpelier Re.
  • 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.
  • 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.
  • 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.
  • US insurer Allstate Corp is likely to fall short of profit expectations when it reports its first quarter result later this month.
  • A US federal appeal judge has upheld the decision by Florida's insurance regulators to bar Allstate Corp from writing new business in the state.
  • Lloyd's (re)insurer Advent Underwriting Ltd lost its chief underwriting officer Lloyd Tunnicliffe to rival Kiln last week.
  • Guy Carpenter global Fac chief Mark Newman has resigned his post to head (re)insurer Catlin's Asia Pacific rim operations.
  • The Supreme Court of Connecticut has ruled against Marsh & McLennan Cos (MMC) and given the state's attorney general Richard Blumenthal the green light to try to recover damages from the broker.
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