December 2006/1

UK regulator the Financial Services Authority (FSA) has told the insurance industry that despite recent progress it still needs to further improve the effectiveness of its risk management frameworks.

UK businesses have been warned that they are exposing themselves to unnecessary environmental liability risks, as they view specialist insurance products as too expensive and complex.

Brit Insurance Holdings plc announced last week the renewal of its contract with satellite operator Telesat Canada to supply technical advice and support for its space underwriting activities.

Colorado-based managing agency ICAT Holdings LLC has entered into a sidecar-style agreement with the Lloyd’s reinsurer Syncro Ltd for its new Lloyd’s syndicate.

Aon Corp announced that it had completed the sales of its Aon Warranty Group (AWG) and Construction Program Group (CPG) on 30 November.

Lloyd’s welcomed British Secretary of State for Trade and Industry Alistair Darling to the Shanghai office of its Lloyd's Reinsurance Company (China) Ltd venture last week, although it is still waiting for regulatory approval before trading can begin.

Private equity giant 3i Group plc has hired a team led by Bruce Carnegie-Brown, the former Marsh executive who left the firm suddenly in May this year.

The insurance services company Whittington Group has lost two key members of its senior management team with the sudden departure of deputy CEO Richard Whatton and business development director Stephanie Mocatta, Insider Week can reveal.

A landmark UK High Court decision last week likely to increase payouts on some unsettled bodily injury claims will hit reinsurers hardest and lead to rising premiums, according to Swiss Re.

Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) has opened a box at Lloyd’s that it hopes will support the growth of its European book of business.

Struggling Bermudian life reinsurer Scottish Re received a boost in the shape of $600mn in new equity investment it announced on 27 November.

The UK’s Competition Commission have ratified their decision to approve the acquisition of CBS Private Capital by rival Hampden Agencies Ltd.