April 2012/4

Insurance Australia Group Ltd (IAG) has entered into a provisional deal to buy 30 percent of Vietnam-based AAA Assurance Corporation (AAA) in the same week as rating agency AM Best reported double-digit premium growth in the Vietnamese insurance market.

Fitch has affirmed Sompo Japan's financial strength rating at A with a stable outlook on the back of the firm's solid capitalisation and lower net insured losses from the Thai flooding compared to its two other "big three" rivals.

Ratings agency Moody's has affirmed its stable outlook on the UK general insurance sector as it forecasts modest real-term rate increases in most lines of business.

The insurance market will escape what could have been a monster claim from Spanish oil company Repsol following the expropriation of its Argentine operations as it does not purchase relevant political risk cover, The Insurance Insider revealed last week.

Shares in Berkshire Hathaway fell following last week's news that CEO Warren Buffett has been diagnosed with prostate cancer, with the company losing 2.25 percent, or $4.5bn of its vast market worth in the three trading days following the announcement.

Aon's increased share buyback authorisation is the first evidence of the global broker benefitting from changing domicile to the UK, according to a leading analyst.

Flagstone is at the heart of a four-way M&A tussle being pushed into overdrive before the crucial Florida renewals season, The Insurance Insider understands.

While Omega CEO Richard Pexton could earn a gross windfall of $2.9mn if he presides over the sale of the company later this year, group chairman John Coldman could lose out.

Lloyd's carrier Canopius has made a modest increase to its 65p per share all-cash bid for Omega as one of the latter's major shareholders went public about its dissatisfaction.

Lockton hires Guy Carp casualty trio; $420mn cat claims in Q1 for Allstate; AIR to model supply chain risk; Catlin in Beijing; Promotions at Alterra; Presidential shuffle at Axis Re Europe; Canopius sinks Golfplan buy; Talbot appoints new MENA CEO; XL Re-organisation; Aviva overhaul; Ince & Co hires

Floridian state-backed insurer Citizens has trebled the amount of capacity in its first ever cat bond placement to $750mn, marginalising traditional reinsurance from its planned $1bn private risk transfer purchase.

Torus founder Mark McComiskey is vacating his role as chairman of the company after resigning from his position at the specialty insurer's main backer, First Reserve, earlier this month.