December 2007/3

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.

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.

Talbot Underwriting, which was acquired by Bermudian reinsurer Validus Holdings in July, has said it will maintain its Lloyd’s capacity at £325mn next year.

Liberty Syndicates - one of the largest Lloyd's (re)insurers - has confirmed that it will reduce its capacity by 9.5 percent next year.

Cevian Capital, the activist investment fund backed by Carl Icahn, has taken a 3 percent stake in Munich Re.

UK (re)insurer Brit Insurance Holdings plc has invested in Norton Re II, a $118.2mn Bermuda-based sidecar-style vehicle launched to replace the original $107.7mn Norton Re which expires this year.

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.

Closing prices for 2008 US cat windstorm losses leapt nearly 6 percent last Thursday on the derivatives platform Insurance Futures Exchange Services (IFEX) signalling traders think there is a greater chance of a major windstorm loss next year.

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).

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.

Bermuda-based Lloyd's (re)insurer Hiscox Ltd has said it is on course for a record result this year in a trading statement released today (10 December).