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August 2010/5

  • US broker AmWins has become the second wholesale giant to lock horns in legal action with industry veteran Patrick Ryan's ambitious start-up, Ryan Specialty group (RSG), and its new wholesale broking arm R-T Specialty.
  • If further confirmation was needed that Lloyd's is the world's premier market for the placing of unconventional risks, then it has been provided by the news that an American football star has turned to the Corporation for a $1mn policy to protect his hair.
  • Axis Capital last week revealed it is on the hunt for a chief financial officer (CFO), after announcing the resignation of incumbent David Greenfield.
  • Endurance last week announced that Arturo E. Falcon has joined its worldwide reinsurance subsidiary to lead expansion into the Latin American market from a new Endurance reinsurance office in Miami.
  • A former vice president in Standard & Poor's (S&P) London operation is launching a new company offering ratings analysis services to reinsurance buyers.
  • UK state-controlled bank RBS will close nearly half of the 27 branches in its insurance business as it prepares to offload the division.
  • Munich Re's American unit has been ordered to pay more than $200mn to Travelers relating to asbestos coverage by a New York state judge, according to reports.
  • A further chapter in the book of litigation unleashed by the American International Group (AIG) and its former CEO Hank Greenberg was closed last week with insurers on the directors' & officers' (D&O) programme agreeing a $90mn settlement.
  • Willis will shortly discover whether its role as an adviser to the Stanford Financial Group will result in a formal class action.
  • Nearly 18 months after The Insurance Insider first revealed that the directors' and officers' (D&O) cover for Stanford Financial Group (SFG) was placed in the London financial institutions market, the dispute over whether the insurers are liable for the mounting defence costs finally began last week.
  • Nearly all insurance regulators monitor the industry-wide health of the sector but the standards of their surveillance range "often substantively" from authority to authority, a survey from the International Association of Insurance Supervisors (IAIS) shows.
  • Discontinuation of the US Terrorism Risk Insurance Act (TRIA) would have an adverse effect on the long-term availability and affordability of terrorism insurance, according to Marsh.