April 2008/2

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

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

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

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.

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.

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

Brit Insurance's exposure to the AMC-14 satellite that failed to reach its planned orbit last month is limited to $12mn before reinsurance, according to Numis Securities analysts.

Brokers are again cutting back their workforces as the tough trading conditions squeeze their margins.

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.

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

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 chairman and CEO of General Re Corp, Joseph Brandon has resigned.

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.

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.

Reinsurance giants Swiss Re and Munich Re have come under pressure from activist investors over proposed board level changes in the last week.

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.

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.

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.

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

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