April 2009/1

Lloyd's has made a tender to repurchase up to £100mn of the approximate £1.1bn in long-term corporate debt it manages as part of the central assets the Society holds on behalf of the market.

Troubled American International Group (AIG) has finalised its latest round of government funding – a $29.84bn purchase agreement with the US Treasury which it first announced in March.

As the US property and casualty (P&C) industry converges on Orlando, Florida, for the annual RIMS conference, one of the key themes is the impact the economic crisis is having on the market.

American International Group (AIG) has agreed a deal to sell its 21st Century US personal auto business to Zurich Financial Services for $1.9bn, representing the biggest insurance disposal in its asset sale programme so far.

American International Group (AIG) is close to selling its US motor insurance business to Zurich Financial Services (Zurich) in a deal worth between $1.5bn and $2bn, according to reports.

Australian insurer QBE ended the search for a new CEO of its Americas division with the internal appointment of John Rumpler, announced at its shareholders’ AGM last week (8 April).

IPC Holdings’ board has rebuffed fellow Bermudian Validus Holdings’ approach as it reaffirmed its recommendation to shareholders for a merger with Max Capital.

Shares in Lancashire Holdings traded down after the Class of 2005 (re)insurer increased its estimate of expected losses from Hurricane Ike by $38.4mn, swelling the ranks of those underwriters who have upped their estimates in recent months.

Aon UK is planning to lower its standard employer pension contribution to 6 percent of salary across the board in an overhaul it says will enable it to reduce fixed costs and protect its business under challenging economic conditions.

Berlin-based run-off (re)insurance group BF Rückversicherung is seeking a buyer for its non-life reinsurance portfolio, which has approximately EUR100mn in liability reserves, The Insurance Insider can reveal.

At a recent London 100 roundtable hosted by The Insurance Insider in London, senior industry figures agreed that existing estimates of the global (re)insured losses arising from the emerging web of law suits and class actions are "intuitively low".

The presence of Lloyd's own run-off vehicle Centrewrite on the roll call of providers closing open years shows that the Corporation is comfortable with the RITC market, according to its director of finance, risk management, and operations, Luke Savage.