April 2010/5

International lawyers have moved to ease insurance industry concerns over President Barack Obama bolstering US treasury powers to aid the fight against piracy off Somalia.

A UK judge's ruling on the preliminary issues in a passenger aviation claim could have far-reaching ramifications for insurers, after it was decided that the Montreal Convention may not provide an exclusive remedy in awarding compensation for air disaster victims.

AJ Gallagher has delivered better-than-expected first quarter results amid tough conditions for brokers, with its bottom line boosted by growing supplemental and contingent commissions.

Senior figures in the London insurance community have criticised an International Monetary Fund (IMF) proposal to include (re)insurers in a global banking levy.

Aerospace insurance premiums are set to continue their decline in 2010, marking the fourth consecutive year of softening, according to Aon's latest aerospace insurance markets outlook report.

The latest Solvency II proposals are significantly more lenient than the terms recently set out by the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops), according to analysts.

Connecticut Attorney General Richard Blumenthal has heralded a court victory against a subsidiary of US broker and financial services provider Wells Fargo as a resounding message to insurance brokers to be open and honest with clients.

Florida-headquartered independent broker Brown & Brown (B&B) has reiterated its commitment to acquire other agencies as it revealed that first quarter revenues declined 4 percent.

A sluggish first quarter saw total insurance-linked securities (ILS) issuance of $300mn - almost half the levels over the same period last year - according to Aon Benfield Securities.

As Marsh looks to bed down its acquisition of HSBC Insurance Brokers Ltd (HIBL), it has announced a reorganisation of its UK and Ireland mid-market business that places staff from the acquired broker in key positions.

The Lloyd's and London market directors' and officers' (D&O) insurers that underwrote the $90mn+ policy for Stanford Financial Group (SFG) executives must pay out defence costs for at least another five months.

Expansive legacy and services specialist Randall & Quilter (R&Q) unveiled another modest acquisition last week, with a EUR3.2mn deal to take over French reinsurer La Licorne Compagnie de Réassurances.