December 2009/1

The Insurance Insider's monthly column keeping check on legislative and regulatory developments.

AIG rallies after slashing federal debt; Microinsurance hits Copenhagen spotlight; Partner takes Paris; Munich Re in Ergo buy-out; AM Best warns Kingsway

$25bn Lloyd's US guardian comes to London; Lloyd's considers strategic growth plan; Ward calls on London to rally for Lloyd's Exchange; Talbot lifts Swiss Re construction crew

Randall & Quilter (R&Q) has received regulatory approval from the Financial Services Authority for its acquisition of RK Carvill's broking portfolio.

Navigant Consulting's (re)insurance service line is set to be discontinued in the coming months - offering further evidence of the challenges the economic downturn has set service providers.

Creditors' meetings are set to be called for the English and American Underwriting (EAUA) Pools in London at the end of April 2010.

An UK High Court ruling is expected in early 2010 for the latest stage of US run-off insurers Seaton Insurance Co and Stonewall Insurance Co's legal battle with Randall & Quilter (R&Q).

The Scottish Court of Appeal hearing on the dismissal of the proposed Scottish Lion solvent scheme of arrangement ended on 4 December, which is now expected in the new year.

Axa Liabilities Managers (ALM) has clinched the tender for German federal state-owned run-off group BF Rückversicherung - a sale first revealed in April.

There should be no more sequels to the long running and bitterly acrimonious battle between American International Group (AIG) and its former chairman and CEO Maurice "Hank" Greenberg, after the parties finally buried the hatchet.

A September ruling by a US federal judge could prove central to a 20 November lawsuit brought by five Ohio pension funds against the "big three" rating agencies.

The former executives of Stanford Financial Group (SFG) have again locked horns with their directors' and officers' (D&O) insurers in a US district court, seeking mirror-image declarations over defence costs.

Perils AG, established this year to aggregate and provide industry-wide European catastrophe insurance data, has launched its industry loss index service for European windstorm events.

2009 nat cat and man-made losses halve to $24bn; adding to pressure on forthcoming renewals.

Willis has cut itself free from a $400mn Sword of Damocles hanging over its balance sheet in the form of a financial obligation to consolidate affiliate Gras Savoye.

Jardine Lloyd Thompson (JLT) has edged nearer towards its goal of employee benefits comprising a third of its overall portfolio, with the acquisition of HSBC Actuaries and Consultants (HACL).

International wholesale markets such as London, Bermuda and Singapore should be long-term beneficiaries from a global restructuring by the world's largest broker Aon.

Marsh will enter into a long-term strategic distribution deal with HSBC as part of its agreement to buy the banking giant's insurance broking arm.

Rod Fox's ambitious start-up is defying received wisdom as it continues build-out; declines to comment on BMS M&A talks

Lloyd's insurer looks to stimulate investor interest by undertaking a bold bid to free up blocks of capital and generate capital efficiencies

One of the largest start-ups in Lloyd's next year is likely to be the Bermudian-domiciled Allied World, provided it receives approval for a mid-year launch.

Munich Re is pushing a $10bn climate insurance pool scheme for inclusion in the final Copenhagen Document due to emerge from the United Nations Climate Change Conference.

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A lack of Lloyd's Names support has led Munich Re to withdraw its sidecar vehicle Special Purpose Syndicate (SPS) 6108, which was slated to write a quota share of the new Syndicate 2318, Trading Risk understands.

The launch of a $250mn US wind and quake cat bond - Longpoint Re II from US insurer Travelers Indemnity Co - has brought 2009 cat bond issuance within range of the $3bn predicted by many in the convergence market.

Mark Lawrence has resigned as head of the liability division at Argo International's Syndicate 1200, The Insurance Insider has learned.

First Reserve and CV Starr deal will offer access to higher-rated paper.

AJ Gallagher UK is in advanced talks to acquire London market broker First City Insurance Group Limited (FCIG), The Insurance Insider can reveal.

A tie-up between Aspen Insurance Holdings and fellow Bermudian group Ariel Holdings could be completed by year-end, and may eventually cause the spin-off of Ariel's well-regarded Lloyd's unit Atrium, The Insurance Insider can reveal.

Record size expansion largely to accommodate sterling weakness