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August 2010/1

  • Buffy mulls the motor equivalent of buying BP shares
  • Benmosche asserts; Markel acquisition; Catlin recruits; Deepwater: $4-6bn; Winds whimper; Brazil boom?
  • Xchanging commits; London market urged to scrutinise professional fees; Two-jobs Levene; RBSI overhaul; Cool on Kiln; Export vanguard; Bono's back...
  • Investment giant Berkshire Hathaway provided a further display of its muscular balance sheet on 15 July with a reinsurance contract that provides CNA with up to $4bn of adverse development long-tail asbestos/environmental cover.
  • Berkshire Hathaway-owned Lloyd's run-off vehicle Equitas has begun striking deals with relevant reinsurers to collect outstanding LMX exposures, The Insurance Insider can reveal.
  • A UK High Court judge has ordered an additional round of witness statements to be collected ahead of a contempt of court hearing for Aon executive Euan Nicolson in the autumn.
  • Doubts were cast last month over American International Group (AIG)'s ability to fund the bulk of its recent $725mn Ohio pension funds settlement by selling new common shares.
  • Bermuda and Switzerland - favoured domiciles for many international (re)insurers - are first on European regulators' list for consideration to grant Solvency II equivalence to non-EU countries.
  • The US Wall Street Reform and Consumer Protection Act signed into law by President Obama on 21 July will "rewrite the landscape of the financial markets", according to the Property Casualty Insurers Association of America (PCI).
  • The SEC wrote to Glenn Lammey, CFO of The Hartford's life insurer, demanding to know why the firm's worst holdings had not been marked down.
  • The flood of credit crisis-related litigation is turning into a trickle, with further evidence that class action lawsuits are declining, providing further good news for US errors and omissions (E&O) insurers.
  • In what is turning into a European summer of discontent over the controversial Neal Bill legislation in the US, the European Commission (EC) and European insurance and reinsurance federation (the CEA) joined the German ambassador in voicing their objections to the proposed tax measures.
  • Accounting rules for (re)insurers writing long-tail risks and using one of the two recognised international standards are likely to get more complicated.
  • So what does QIS5 really mean for the industry? The Insurance Insider explains all in layman's terms
  • Contingents reignite; Aon in $4.9bn swoop; Willis London reshuffle
  • Cat bonds in second half of 2010 to equal first; Miller builds cat team; S&P gives and takes
  • The California Earthquake Authority (CEA) hopes to reduce significant reinsurance expenses by breaking out from under the wing of risk warehouser Swiss Re to sponsor its first cat bond in 2011.
  • The relentless decline in secondary cat bond pricing caused by investors nervous about the prospect of a heavy US wind season finally came to a halt last month.
  • The industry loss warranty (ILW) sector was a rare pocket of hard market conditions in the second quarter, bucking the general soft market trend of falling premium prices and an over-supply of insurance capacity.
  • Lack of objective loss indices is causing difficulties
  • Flagstone's Q2 loss is example of why sellers have hiked prices and withdrawn capacity
  • Gallagher International, the acquisitive international arm of US broker AJ Gallagher, acquired the remainder of Western Australian natural resources broker and risk manager Specialised Broking Associates (SBA) at the end of last month.
  • Two years after Willis acquired rival broker Hilb Rogal Hobbs (HRH), senior former HRH executives have emerged at the head of a new US broker consolidator The Hilb Group.
  • Guy Carpenter has filed a lawsuit against rival Lockton Re after a lucrative account moved across following the defection of one of its senior brokers.