April 2009/1

The success of a controversial $45mn claim from Stanford Financial Group (SFG)'s former chief investment officer (CIO) against a number of Lloyd's insurers will boil down to the specific wording of the original directors' and officers' (D&O) policy in whi

Defections from Aon Benfield have continued, with confirmation that the former head of Benfield's Brussels office Wim Raeymaekers and his colleagues, Petra Vynckier and Karen Serrus, are joining rival broker Guy Carpenter...

Lockton International is outsourcing its London professional indemnity (PI) claims broking department to commercial liability claims specialist Devonshire Claims Services (DCS).

UK regulator the Financial Services Authority (FSA) has granted "Industry Guidance" status to the market guidelines developed by broker trade bodies to deal with the thorny issue of transparency and disclosure around commissions and conflicts of interest

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.

Lloyd's was able to show further progress in shutting down prior-year liabilities in its 2008 annual results, as a flurry of year-end transactions demonstrated the appetite in the market to write reinsurance-to-close (RITC) business.

Despite broadly outperforming its international peers on both underwriting and investments last year, Lloyd's will face additional challenges in 2009 if it is to maintain its level of profitability.

Without the fillip of significant reserve releases to boost results in 2009, Lloyd's director of finance, risk management, and operations, Luke Savage, also sounded a warning on investment returns.

The muscular yen contributed to average rate rises of 5-10 percent on Japanese property cat treaties at the key 1.4 renewal, according to reinsurance brokers Willis Re and Aon Benfield.

Interest in accessing the Lloyd's platform continues unabated with a number of pipeline ventures thought to be in the early process of engaging the Corporation for a late 2009 or early 2010 start.

Despite their recent travails, American International Group (AIG) and XL Capital security featured heavily on the Millers-placed International Group of P&I Clubs (IG) excess of loss programme.

German hedge fund Augur Capital will pay EUR20mn to acquire the former East German state marine (re)insurer Deutsche Versicherungs-und Rückversicherungs-AG (DARAG), representing a discount of approximately EUR7mn to net asset value, The Insurance Insider