August 2008/1

New CEO Michael McGavick was quick to acknowledge the influence of rating agency pressure on XL Capital's attempts to secure a solution to relieve it of its SCA exposures, and the size of its capital raise.

"Every little helps" is Tesco's advertising catchphrase but it might also have been coined for Royal Bank of Scotland’s increasingly desperate need to sell-off assets to plug its £6bn+ exposures to the credit crisis and raise its crucial tier 1 capital re

Marsh is set to undertake a significant shake-up later this year with the new management duo of Brian Duperreault and Dan Glaser poised to unveil sweeping changes at the global broking giant, The Insurance Insider understands.

Florida gives go-ahead for Berkshire Hathaway deal; Munich Re slumps on profits warning; Ex IAG boss gets A$1.9mn payoff; Underwriting refocus with Swiss Re shuffle; Max co-founder Doucette joins Everest; $4.7bn Philadelphia buyout for expansive Tokio

Like its larger rivals Aon and Willis, Arthur J Gallagher & Co was able to report a rise in total brokerage and risk management revenue of 6 percent, but the Chicago-based firm missed Wall Street estimates in its Q2 figures as the soft market hit results.

Two former directors of failed Lloyd's insurer Euclidian Underwriting Ltd have been fined, ordered to pay costs and agreed not to transact business at or set foot in Lloyd's without prior permission after being found to have failed to deal "in a transpare

Xchanging has agreed a major outsourcing deal with Cooper Gay, first revealed by The Insurance Insider, which will see 66 of the broker's legacy and ongoing business process staff transfer to the firm.

After keeping his counsel for most of his first three months at the helm of XL Capital, Michael McGavick was refreshingly candid in his assessment of the embattled (re)insurer as he addressed analysts at the start its Q2 earnings call.

First-time cat bond sponsor Platinum Underwriters Bermuda Ltd issued a $200mn multi peril cat bond in August, affording it cover against US wind and quake, European windstorm and Japanese earthquake.