August 2007/1

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.

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

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

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.

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

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

US insurer Markel Corp posted second quarter net profits of $121mn or $12.15 a share, up from $90.4mn or $9.11 a share in the prior-year period, as it announced plans for its Lloyd's operation to open up a Singapore office.

CastlePoint Holdings Ltd, the Bermudian holding company launched by the US firm Tower Group last year, reported net income of $10.5mn for the second quarter and $17.6mn for the first half of the year.

German financial services group Allianz posted a 17.7 percent increase in operating profit to EUR3.3bn for the second quarter of 2007, but reported net income down by 6 percent.

US insurers were celebrating last week after a US Court of Appeals overturned a decision in a class action to rule that the industry does not have to pay for the flood damage following Hurricane Katrina in 2005.

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

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