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December 2008/4

  • Troubled insurer AIG intends to merge two units of its major Asian life insurance entity American International Assurance Co Ltd (AIA) and list the restructured company in Hong Kong, according to reports.
  • Class action law firm Milberg LLP - long the scourge of D&O insurers - has wasted little time in marking out the ground for what looks set to be a morass of litigation following the alleged $50bn fraud by Wall Street trader Bernard Madoff.
  • Lloyd's (re)insurer Chaucer Holdings is now seeking capital support in the form of a Qualifying Quota Share (QQS) reinsurance arrangement as it tries to ensure it will not be left behind in the race to take advantage of stronger underwriting conditions...
  • American International Group (AIG) and Munich Re have agreed a deal that will see the German reinsurer buy Hartford Steam Boiler Group (HSB) for $742mn cash in the first significant insurance deal as part of the beleaguered US insurer's asset...
  • Restructuring continued apace at American International Group (AIG) last week. Ahead of its sale of Hartford Steam Boiler to Munich Re [see story 1] the troubled insurer announced the completion of the sale of $39.3bn face value...
  • The US property & casualty industry slumped to a $9.9bn third quarter net loss driven by underwriting losses and heavy investment write-downs.
  • Bermudian Everest Re faces the prospect of a ratings downgrade in the first quarter of 2009 after Standard & Poor's (S&P) moved on Friday (19 December) to place the reinsurer's counterparty credit and financial strength ratings on CreditWatch with negativ
  • Jamaica-headquartered insurer Sagicor Group's Lloyd's arm intends to re-start writing life business next year through Syndicate 44, The Insurance Insider can reveal.
  • Last week's acquisition by Torus Insurance Holdings (Bermuda) Ltd of rights to renew "substantially all" New Castle Re contracts will also see the start-up take over the Citadel-backed Class of 2005 reinsurer’s office with the eventual transfer of...
  • European (re)insurance trade body CEA has outlined its opposition to proposals to changes in US tax law in a letter to the US Senate Finance Committee and the Committee on Ways and Means for the US House of Representatives.
  • AXA Group's US subsidiary, AXA Equitable Life Insurance Co, has cut around 200 jobs, the equivalent of four percent of its US workforce, as it feels the strain of troubled global equity markets on its securities-based retirement products.
  • The UK's Chartered Insurance Institute (CII) has abandoned plans for a merger with the Australian and New Zealand Institute of Insurance and Finance (ANZIF) after previously undisclosed revenue losses of A$1.5mn came to light.