August 2007/1

UK regulator the Financial Services Authority (FSA) has recommended the appointment of policyholder advocates for non-life schemes of arrangement.

French reinsurer SCOR has increased its ownership to 96.23 percent of Swiss firm Converium Holdings after the second offer period of its takeover.

After a drawn-out process, approval has finally been received for the transfer of the motor books of syndicates 37 and 2037 from Lloyd's to Highway Insurance Company using the Part VII mechanism.

Sue Langley, director, Market Operations and North America at Lloyd's has been appointed to the ACORD board.

Marsh Inc has appointed Mark Feuer as the new CEO of its US business with responsibility for day-to-day operations.

Lloyd's insurer Ascot Underwriting is set to open an office in Houston, Texas as it aims to secure locally placed energy business.

The process of extending the federal backstop to terrorism-related losses took an important step forward when the US House Financial Services Committee voted for an additional 15 years instead of 10, last week.

The British Insurance Brokers' Association (BIBA) has criticised UK insurers for announcing rate hikes following this summer's floods.

Broker Willis Group Holdings reported net income of $78mn, or $0.54 per share, 8 percent up on the prior-year period in what was described as "another strong quarter" for the firm as it announced its interim results last week.

Broking giant Aon Corp said it is again mulling the sale of its underwriting business, Combined Insurance Company of America (CICA), as it announced a 9 percent rise in brokerage revenue for the second quarter.

The Insurance Insider's pre-Monte Carlo Rendez-Vous executive briefing has drawn together a unique set of speakers to discuss "Trading Risk" – and subscribers are being given priority for this free-to-attend event.

Lloyd's Franchise Performance director Rolf Tolle has committed to another two years in the role, ending the recent uncertainty over his future.