August 2009/3

Catastrophe bond returns have increased for the sixth consecutive week as a lack of significant windstorms and a glut of unused insurance-linked securities (ILS) capacity push demand for the products to record levels.

Towers Perrin has named Derek Keating as an executive director of its London reinsurance brokerage business, effective 1 September.

Lehman Brothers is suing American International Group (AIG) for $9mn it says the insurer owes on credit default swap covers it took out on three firms that subsequently filed for bankruptcy, according to reports.

Lloyd's has received its third rating confirmation in a month.

The British Virgin Islands and Cayman Islands have joined Bermuda in being upgraded to the Organisation for Economic Cooperation and Development's (OECD) white list, after meeting internationally agreed tax standards

Expansive UK run-off acquisition firm Randall and Quilter (R&Q) is growing its broker services division with the purchase of the discontinued operating subsidiaries of reinsurance broker Carvill Group, along with its legacy portfolios.

American International Group (AIG) has raised $2.5bn from its latest round of sales.

The British Insurance Brokers' Association (BIBA) has said that Mike Slack stepped down from its board at the end of July, after seven years.

French reinsurer Scor's financial strength has not been affected by the current economic turmoil, said ratings agency Fitch, as it maintained financial strength and debt ratings at A.

US insurer WR Berkley has launched a new unit to write commercial cover in the US Pacific northwest market.

Insurance broker Marsh Ltd is offering a new service to recession-struck UK firms struggling to renew their trade credit cover as insurers have "hardened their attitude".

Aon Benfield Securities has appointed Chris Parry as a director in its investment banking division, as it continues to grow the practice.