August 2008/1

AM Best has become the latest ratings agency to affirm XL Capital ratings and remove them from review after the Bermudian reinsurer closed a deal to end the majority of its exposure to former bond insurance arm Security Capital Assurance (SCA).

Allianz has a 10 percent share of the slip for the Spanair McDonnell Douglas MD-82 that crashed at Madrid airport on Wednesday, claiming 153 lives.

Aon Corporation is set to buy London-listed Benfield Group in a £844mn deal cementing the Chicago-headquartered firm's position as the world's largest reinsurance broker.

Randall & Quilter Investment Holdings plc (R&Q) and GLOBAL Reinsurance Company have formed a partnership for the purchase and management of non-life run-off companies in Europe.

The former CEO of Guy Carpenter, David Spiller, has been appointed chairman of Lloyd's insurer Heritage Managing Agency plc.

Benfield Group Ltd has announced a management restructure at its specialist space insurance broker International Space Brokers Inc (ISB) following the resignation of former CEO Roger Bathurst.

Marsh & McLennan Companies Inc (MMC) has announced the appointment of Vanessa Wittman as the group's new CFO, who replaces outgoing executive officer Matthew Bartley.

Australian insurer QBE Insurance Group saw overall profits rise after strong performance from its insurance underwriting division during the first half of 2008.

Lloyd's (re)insurer Amlin plc has reported a drop of over £40mn in its post-tax profits for the first six months of the year after reporting a slump in investment income.

Bermudian (re)insurer ACE Ltd leads the cover on the passenger plane that swerved off the runway in Madrid killing more than 150 people, The Insurance Insider understands.

Five former General Re and American International Group (AIG) executives found guilty for their part in a sham reinsurance transaction could face lengthy sentences, according to reports.

Senior producer Bill Farnan has resigned as executive vice president of Aon's US energy subsidiary to join Alesco Risk Management Solutions in a move that is likely to make the sector sit up and take notice of...