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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.