August 2009/5

Ratings agency AM Best has downgraded the financial strength ratings (FSR) of Tower Hill Preferred Insurance Company - one of Florida's largest writers of residential property insurance.

Lloyd's managing agent Chaucer said it is confident of a continued pipeline of new business for its Lloyd's turnkey operations, following the news that Antares Syndicate 1274 is to fly the nest.

American International Group (AIG)'s new CEO, Robert Benmosche, expressed his readiness to bury the hatchet with former AIG chief executive Maurice "Hank" Greenberg - who was a vocal critic of the beleaguered insurance giant's last CEO, Edward Liddy.

XL Capital's global insurance operation, XL Insurance, has hired Peter Bitterlin as regional energy underwriting manager for Europe and Asia Pacific.

Run-off (re)insurer Alea Group booked a net loss of $44.7mn in the first six months of 2009, compared to the small profit of $819,000 it eked in the first half of 2008.

Xchanging, the London market and international business process outsourcing specialist, has secured a £110mn syndicated term loan and revolving credit facility.

Further evidence of UK regulator the Financial Services Authority (FSA)'s new "get tough" resolve was shown this week, after chairman Lord Adair Turner suggested that the City should be taxed more in order to shrink its size and influence.

UK insurance services provider Charles Taylor Consulting (CTC) posted a pre-tax profit of £5.6mn for the first six months of the year, compared to £5.2mn in H1 2008, as total revenues climbed to £45.8mn.

The International Association of Insurance Supervisors (IAIS) said that despite the problems thrown up in the wake of the Lehman Brothers collapse, the insurance-linked securities (ILS) market is likely to keep developing.

Class of 2005 (re)insurer Ariel Re continued the positive theme for international (re)insurers as it unveiled bumper H1 results this week.

The former New York superintendent of insurance, Eric Dinallo, has confirmed that he is gearing up for a run at the position of state attorney general.

While rising claims notifications are increasing pressure on rates across Europe and the Middle East and Africa (EMEA), competition between carriers and abundant capacity are still the main downward drivers for rates in most markets, according to Marsh.