December 2007/3
-
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.
-
Record reserve releases have helped disguise poor 2006 underwriting performance in the UK motor sector, according to analysis by financial services consultant Deloitte & Touche.
-
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.
-
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.
-
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.
-
UK insurer Admiral Group plc has successfully used the Part VII mechanism to transfer business from its Lloyd's Syndicate 2004 to Admiral Insurance Company and close the syndicate.
-
Ratings agency Standard & Poor's (S&P) has lowered its counterparty credit ratings on global financial services firm Marsh & McLennan Cos (MMC) to BBB- from BBB, with a stable outlook.
-
Hardy Underwriting Group (HUG) plc's proposed redomiciliation to Bermuda has generally been positively received by analysts.
-
The UK Financial Services Authority (FSA) is to further investigate inefficiencies in the commercial general insurance market before deciding on whether to mandate commission disclosure.
-
Lloyd's insurer Heritage Underwriting Agency is looking for a white knight alternative to Ironshore Inc, the $1bn Bermudian-based insurer which is keen to buy the firm.
-
XL Insurance, the global insurance operation of XL Capital has completed the purchase of Global Asset Protection Services (GAPS) from Swiss Re.
-
Nearly half of European insurers have reflected strong AAA capital adequacy scores after assessment by ratings agency Fitch's new stochastic Prism model.