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.

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.

US insurer Allstate Corp is likely to fall short of profit expectations when it reports its first quarter result later this month.

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.

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

The head of Lloyd's China, Ian Faragher, is to step down after two years in the role, The Insurance Insider can reveal.

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

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

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.

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

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

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.

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.

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.

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

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

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.

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

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.

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.