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.

French-headquartered reinsurer SCOR has been granted a Takaful reinsurance licence and a conventional reinsurance licence for its SCOR Global Life branch on the Malaysian offshore domicile of Labuan.

Brazilian authorities have granted three more licenses to foreign reinsurers looking to tap into the country's recently opened reinsurance market.

European insurance giant Allianz has called an early redemption of its pioneering $150mn Blue Wings cat bond, just eighteen months into its more than four year term.

A Financial Services Authority (FSA) decision not to mandate broker commission disclosure in the UK wholesale market has been met by a polarised reaction from trade associations representing UK brokers and large buyers of insurance.

Amlin plc has successfully raised the £50mn in third party capital from Names it targeted for its new quota share syndicate.

Troubled Australian insurer Insurance Australia Group (IAG) completed a partial withdrawal from the UK personal lines market with the sale of its Equity broking operations to UK High Street broker Swinton...

Swiss Re has entered into a $1.5bn long-term letter of credit (LOC) facility with JP Morgan to support its life reinsurance business.

Insured catastrophe losses this year are estimated to have hit $50bn, making 2008 the second costliest on record, according to research from Swiss Re.

Bermuda-domiciled While Mountains' reinsurance arm, White Mountains Re, has announced the retirement of CFO Chuck Chokel and a subsequent management reshuffle.

Ratings agency Standard & Poor's (S&P) has warned of soaring European corporate defaults in 2009 as the financial services sector heads for a sombre year.

Independent Lloyd's broker Tyser & Co has acquired a specialist treaty reinsurance broking team from RK Carvill & Co, the long-established reinsurance broker which announced it was closing down its operations earlier this month.

UK quoted Jardine Lloyd Thompson (JLT) has announced the launch of a new treaty reinsurance operation in Bermuda through JLT Re, its trading division.