April 2008/2

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.

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.

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.

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.

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

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.

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 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.

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.