April 2010/5

North Carolina's state-backed catastrophe insurance plans are to bring a $200mn wind catastrophe bond to market, which will bring the total risk placed into the capital markets in 2010 to $850mn.

The New York Attorney General has "a devastating case" against Hank Greenberg relating to sham reinsurance transactions entered into by American International Group (AIG) 10 years ago, according to a US judge.

Resolute Management Services - the firm that manages Lloyd's run-off vehicle Equitas - has moved the majority of Equitas' claims adjusting services to the US.

The International Air Transport Association (IATA) has estimated that the volcanic ash cloud above Europe has cost airlines more than $1.7bn, describing the revenue loss as "devastating".

AM Best goes negative on Ariel's ValiantPrivate equity duo secure acquisition of Sedgwick CMS; Pru approved for Hong Kong float and lines up for Singapore...

Investment bank UBS and accountants Ernst & Young have agreed to pay $250mn to stock and bondholders of HealthSouth, settling a class action over the Alabama hospital rehabilitation chain's massive accounting fraud.

The US National Association of Professional Insurance Agents (PIA) said last week that it is encouraged by a new Congress bill that makes key reforms to the National Flood Insurance Program (NFIP).

Zurich Financial Services and Travelers have added an additional $286mn to the property and casualty (industry's Chile earthquake total, with loss estimates of $200mn and $86mn respectively.

Willis appoints former Irish national debt boss to key risk role;Aon expands actuarial team; QBE appoints first global distribution head; Kingsway names new CEO...

Swiss Re could sustain net losses close to $1bn from the 27 February Chile earthquake - double the $500mn estimated by the reinsurance giant - according to Keefe, Bruyette and Woods (KBW).

Italy's biggest insurer, Generali, has ended the long-running speculation surrounding outgoing company chairman Antoine Bernheim by appointing frontrunner Cesare Geronzi as his successor.

Chartis UK has seen its 2009 combined ratio balloon to 105.8 percent, due to the combined effect of lower ceding commissions and claims arising from the global financial crisis.