April 2010/3

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.