April 2010/3

The closure of a large swathe of northern European airspace due to volcanic ash clouds is not thought to be a major business interruption (BI) exposure to the aviation sector, according to market experts.

Lloyd's and international (re)insurer Beazley has hired Scott Machut to head up business development at its US accident and health (A&H) division.

Securities litigation filings fell 39 percent in the first quarter of 2010 compared to a year ago, with 178 suits filed, compared to the record-breaking 294 suits filed in Q1 2009 at the height of the credit crisis backlash.

The London arm of broker Colemont International placed the insurance programme for the Airbus A300 cargo aircraft which crashed late Tuesday evening (14 April) in Mexico, The Insurance Insider understands.

Guy Carpenter's head of American operations Andrew Marcell is moving aside in favour of colleague Chris McKeown to take up the newly created role of CEO of global practices and head of placement strategy.

Andrew Appel, the former management consultant who masterminded the integration of Aon Re and Benfield Group, is to return to the parent company as part of senior management restructuring at the world's largest reinsurance broker, The Insurance Insider can reveal.

AIG subsidiary International Lease Finance Corporation (ILFC) is to raise almost $2bn through the sale of aircraft to Australian financial services firm Macquarie Group, as it looks to pay down its debt mountain and secure its future as a going concern.

German (re)insurance giant Munich Re has sold a large chunk of its stake in Swiss insurer Helvetia Holding, reducing its interest from 8.2 percent to “under 3 percent”.  

HCC Insurance Holdings has reported losses totalling $20mn pre-tax, $13mn post-tax, from the Chilean earthquake and windstorm Xynthia. The firm said losses from the Chile disaster account for the majority of the reported figure.

CEO Marshall Kath has resigned from Colemont Insurance Brokers and will have no role with the company going forward following its merger with private equity-backed US broker AmWINS.

Ace adds to trade credit pack; Guy Carpenter specialist moves to BMS; US government appoints new AIG directors; Green joins Jubilee A&H team; RFIB appoints Haynes to head claims team...

Torus to launch marine practice; China approves Scor for life and health

Willis has arranged the first ever Shariah-compliant space insurance policy.

Caribbean insurance broker CGM Gallagher Group - part of US-based AJ Gallagher - has merged its commercial insurance broking portfolio with Jamaica-based Zenith Insurance Brokers.

A magnitude 7.7 earthquake hit the coast of Northern Sumatra, Indonesia last week, although the temblor had little effect on the island's rubber, palm oil and liquefied natural gas industries.

Early indications are that 2010 will be an expensive year for (re)insurers, sowing the seeds for a hard market in 2011 or beyond, according to Advisen.

Standard & Poor's (S&P) has upgraded Everest Re in recognition of its falling debt levels, high liquidity and efforts to diversify its business.

The Irish Financial Regulator's application to place Quinn Insurance into full administration was today adjourned for one week by the Irish High Court.

Hank Greenberg, the former long-serving CEO of American International Group (AIG), has blasted financial regulators for failing to prevent the insurer from taking on too much risk.

This year would typically be a natural time for the initial private equity sponsors of the "class of 2005" start-up Bermudians and those remaining in the "class of 2001" to look to exit, according to accountancy firm PricewaterhouseCoopers (PwC).

The 10 April crash of the Polish Air Force jet in Smolensk in Russia, where all 96 on board were lost, is not expected to impact the commercial aviation insurance market.

The UK's City minister, Lord Myners, last week dumped controversial plans for allowing US-style class actions in order to ensure the Financial Services Act 2010 passed into law before next month's general election.

Audley Gilroy-controlled start-up (re)insurer Grafton is seeing strong demand in Europe, according to sources.

American International Group (AIG) has reached a $9mn out-of-court settlement with the Ohio attorney general over accusations that it colluded with Marsh to create fictitious quotes designed to simulate competitive bidding.