August 2006/3

Lloyd's has ruled out creating a fully-fledged US insurance company - an idea that was floated as part of the three-year strategic plan delivered in January.

Four subsidiaries of CV Starr & Co, the managing agency ultimately controlled by former American International Group (AIG) chief executive Maurice "Hank" Greenberg, are suing three AIG employees for attempting to "systematically destroy" their business.

Lloyd's insurer Canopius and Neil Utley's Equity Insurance Group (EIG) are to support a new UK commercial lines underwriting operation to be led by former NIG Commercial Lines (NIG) managing director Charles Earle.

Fast expanding Lloyd's (re)insurer Ascot Underwriting is considering setting up an overseas operation to ease the penetration of its products into new markets.