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.

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.

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.

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.

American International Group (AIG) has renamed its Domestic Brokerage Group and appointed Kristian Moor as head, the insurance giant announced last week.

Guy Carpenter global Fac chief Mark Newman has resigned his post to head (re)insurer Catlin's Asia Pacific rim operations.

Despite failing to cut capacity significantly in the face of market softening, Lloyd's will not repeat past mistakes, according to industry legend, Maurice "Hank" Greenberg.

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.

The latest North Atlantic hurricane forecast from Colorado State University (CSU) shows an increased likelihood of an active season this year.

Ratings agency Standard & Poor's (S&P) has downgraded the $135mn Class C notes of Oil Casualty Insurance Company's (OCIL) Avalon Re cat bond following the notification of claims arising from the New York steam pipe explosion in July 2007.

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.

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.

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

Lloyd's (re)insurer Advent Underwriting Ltd lost its chief underwriting officer Lloyd Tunnicliffe to rival Kiln last week.

Standard & Poor's (S&P) has granted AAA ratings to Berkshire Hathaway's start-up bond insurer.

Berkshire Hathaway has bought one million shares in German giant Munich Re in the last six months, according to reports.

Malaysian reinsurer MNRB Holdings Berhad has announced it is to purchase a 9.99 percent stake in British Islamic Insurance Holdings Ltd (BIIH).

European reinsurer SCOR has received an admitted Brazilian property and casualty carrier license as other firms continue to flock to the country in anticipation of its formal deregulation later this week.

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.

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