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April 2010/4

  • US trade body the National Association of Professional Insurance Agents (PIA) said it is encouraged by a new bill introduced to Congress that makes key reforms to the National Flood Insurance Program (NFIP).
  • Private equity firms Stone Point Capital and Hellman & Friedman have sealed a $1.1bn deal to acquire 100 percent ownership of Sedgwick Claims Management Services (Sedgwick CMS) - an insurance claims administrator that has more than 150 offices and service locations in the US and Canada.
  • The Lloyd's and London market directors' and officers' (D&O) insurers that underwrote the $100mn plus policy for Stanford Financial Group (SFG) executives must continue to pay out defence costs for at least another five months before being granted the opportunity to prove their exclusions have been triggered.
  • Beleaguered Canadian-headquartered motor insurer Kingsway Financial Services has replaced its president and CEO Colin Simpson - who was nominated to the role by Kingsway's majority investor, Stilwell Group in 2008 - with fellow Stilwell nominee Larry Swets.
  • ACE Bermuda names Gonsalves and Towlson as executives; Roberts to head international business for Ace Tempest; Allied World expands environmental team; Pru appoints UK chief to spearhead AIA integration; Dual appointment for Lloyd's broker; Skills council selects new chairman...
  • Munich Re slashes stake in Helvetia; ISG launches Lloyd’s Broker; Catlin acquires regional PI and D&O coverholder; $1-a-year Liddy received $80,000 from AIG; NFIP extended again...
  • Lloyd's catastrophe underwriters are likely to be forced to bolster their reserves by between 5 and 10 percent under Solvency II, according to guidance issued to managing agents by the Society.
  • The European Commission's latest Solvency II (SII) implementation proposals look likely to provide some relief to Lloyd's on capital requirements, as the rules on Tier 1 capital are relaxed.
  • The London arm of broker Colemont International placed the insurance programme for the Airbus A300 cargo aircraft that crashed on 14 April in Mexico, The Insurance Insider revealed last week.
  • Securities litigation filings fell 39 percent in the first quarter of 2010 from a year ago with 178 suits filed - compared to the record-breaking 294 suits filed at the height of the credit crisis backlash in Q1 2009.
  • Swiss Re is facing a loss related to a major Ugandan power plant construction project that was severely delayed last year by pirates, our sister title Inside FAC revealed last week.
  • New financial products should be subjected to the kind of rigorous testing that pharmaceuticals undergo, while financial services companies should be required to run drills with employees that simulate credit crunch-type crises.
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