April 2008/2

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

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

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.

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.

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

State-owned reinsurer China Re has opened a representative office in London.

Hector Sants, CEO of UK regulator the Financial Services Authority (FSA), has criticised the US' current rules on collateral for foreign reinsurers and bemoaned the slow pace of regulatory reform in the country.

Moves by the US government to overhaul its financial regulations and create a federal insurance regulator have provoked a mixed response from the industry.

Reinsurance broker Benfield has won the Louisiana Citizens Property Insurance Corp account from rival Guy Carpenter in a beauty parade that also included Aon Re Global.

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

Erinaceous Group Plc has announced it will be selling its insurance division, Erinaceous Insurance Services Ltd, to one of its lenders after entering into administration.

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.