December 2007/2

Marsh UK is mulling a major overhaul of its embedded legacy burden with the outsourcing of its entire back office, The Insurance Insider can reveal.

AIM listed Heritage rejects approach; Ironshore remains interested

Ironshore Inc's approach for Lloyd's insurer Heritage Underwriting Agency will renew the interest of other Bermudian firms looking to buy their way into Lime Street, according to Numis Securities analyst Nick Johnson.

The proposed Scheme of Arrangement for Sphere Drake, part of the WFUM pool, was sanctioned in the UK High Court on 6 November.

The Bermudian insurance group Ironshore Inc has confirmed it has made an approach for the Lloyd’s insurer Heritage Underwriting Agency, as revealed by The Insurance Insider today.

Tawa plc, the UK quoted run-off consolidator controlled by French billionaire Francois Pinault, has launched Tawa Consulting Ltd, which will take on consulting and advisory operations.

Philip Grant, chairman of The Association of Run-Off Companies (ARC), is behind a new run-off service provider in London.

The dusty arguments over the UK’s ability to wind up solvent (re)insurance companies through a process called schemes of arrangement were given a fresh airing last month at the Mealey's Global Reinsurance Forum in Bermuda.

Our monthly column keeping a check recent US and EU legal and regulatory developments, in association with Sidley Austin LLP

Ratings agency Standard & Poor's (S&P) lowered its counterparty credit ratings on global financial services firm Marsh & McLennan Cos (MMC) to BBB- from BBB, with a stable outlook.

Gallagher 'not thrilled' with reinsurance results; Newly formed AIG UK appoints board heavyweights; Hardy outlines Bermuda redomiciliation plan; Levene says tax break still on...

AIG leads Turkish crash cover; Earthquake triggered Caribbean cat fund; Ping An takes Fortis stake; Aon raids Willis for construction executives...