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.

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.

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

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.

UK run-off firm Randall & Quilter Investment Holdings (R&Q) is looking to raise around £20mn when it lists on the London Stock Exchange's Alternative Investment Market (AIM) later this month.

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.

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.

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).

Bermudian insurer Aspen Insurance Ltd (AIL) has had its financial strength rating upgraded to A (Excellent) from A- (Excellent) by AM Best.

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

Shares in reinsurance intermediary Benfield Group fell 8 percent to 279p this morning following a profits warning, despite committing to an advanced capital repatriation strategy, before recovering by late afternoon to 298.5p.

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.