August 2009/3

Insurers have put up the specie insurance industry's biggest ever reward as they attempt to track down the Graff robbers and their loot.

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

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

Berkshire Hathaway CFO Marc Hamburg has hit back at reports that it "goofed" on its mark-to-market valuation of derivative risks.

The Lloyd's Exchange has gone live with its first intra-market message.

Lost and found cargo ship Arctic Sea is insured for crew-related risks with Russian insurer Ingosstrakh.

American International Group (AIG)'s $200mn D&O insurance policy is set to pay a $115mn loss, after it was reported that former chief executive Maurice 'Hank' Greenberg and five other defendants have agreed to settle a shareholder lawsuit.

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

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.

CNA Financial Corporation has appointed John Hennessy to replace Julian Eniozi as head of its European operations, with a mandate to grow its European distribution.

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

US insurer The Hartford is to refund $48.3mn in excess profit to worker's compensation policyholders in order to comply with Florida law.

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

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

Guy Carpenter has confirmed its appointment of Aidan Pope - former chief executive of Aon Benfield's Latin America and Caribbean (LAC) business - as CEO of its LAC operations.

Broking giant Aon has lost yet another senior aviation executive, this time to Willis, after its former executive vice president of Los Angeles and Chicago operations, Stephen Kisor, joined the rival broker.

The state of New York has named lawyer and executive director of the state's insurance fund, James Wrynn, as insurance superintendent following the resignation of Eric Dinallo in July.

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.

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.

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 Global Insurance Managers, a division of Aon Corporation responsible for captive management, has announced a shake-up of its leadership structure by streamlining its existing set-up into three separate hubs.

Validus Holdings has become the latest international (re)insurer to establish a foothold in the Middle East through its subsidiary, Talbot Holdings Ltd.

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.

Citigroup analysts expect Swiss Re to have SFr10bn excess capital next year and to repay the Berkshire Hathaway hybrid debt in 2011.

Hannover Re is set to use retained earnings to fund an increase in capital of as much as 26 percent to pursue growth opportunities in the second half of the year.