December 2007/3

Record reserve releases have helped disguise poor 2006 underwriting performance in the UK motor sector, according to analysis by financial services consultant Deloitte & Touche.

The UK government needs to develop a 25 year national flood strategy to help prevent a repeat of this year's devastating floods, a report by the Association of British Insurers (ABI) has warned.

Nearly half of European insurers have reflected strong AAA capital adequacy scores after assessment by ratings agency Fitch's new stochastic Prism model.

XL Insurance, the global insurance operation of XL Capital has completed the purchase of Global Asset Protection Services (GAPS) from Swiss Re.

Louis Robles, known as the "King of Torts" has been sentenced to 15 years in jail and ordered to repay $13.5mn stolen from thousands of asbestos victims he represented.

Timothy Balducci, a co-conspirator of Richard Scruggs, the lawyer who successfully fought the tobacco companies in a series of class actions, has pleaded guilty to bribing a judge.

Shares in bond insurers fell last week after rating agency Moody's Investors Service warned that MBIA Inc is "somewhat likely" to fall short of the capital required to maintain its rating as a result of potential mortgage-related losses.

US giant American International Group (AIG) has asked a judge to make a summary judgement in its dispute over share ownership with Starr International Company (SICO).

John Hurrell has been appointed CEO of the Association of Insurance and Risk Managers (AIRMIC) after a prolonged search following the departure of David Gamble this summer.

(Re)insurance broker Lockton has continued the increasingly popular trend for building fac reinsurance business after launching a property division dedicated to the sector.

BMS have captured an agricultural treaty team from rival firm Cooper Gay Intermediaries.

US giant American International Group revealed Friday (7 December) that the sub-prime fallout and credit crisis has cost it $3.75bn in the fourth quarter to date.