February 2008/1

UK regulator the Financial Services Authority (FSA) warned last week that it is scrutinising the wholesale broking industry and called on the sector to implement the necessary "culture change".

St Paul Travelers' UK operations are following the lead of its US parent company and rebranding as Travelers.

Recently listed legacy specialist Randall & Quilter Investment Holdings plc (R&Q) is to release £11mn in capital from its Chevanstell Ltd unit.

Specialty reinsurance broker Carvill’s ReAdvisory arm has appointed Dr Steve Smith as president of its new property solutions division.

Towers Perrin has strengthened its reinsurance team with three key appointments in Bermuda and France.

AJ Gallagher & Co's (AJG) new onshore/offshore energy and utility broking subsidiary is set to welcome the latest addition to its team - Neil Jurd, who has resigned from JLT Agnew Higgins, Insider Week understands.

Bermudian reinsurer Everest Re reported a 21-point deterioration in its combined ratio for the fourth quarter after its larger-than-expected asbestos charge to reserves.

John Houldsworth, the former chief executive of Cologne Re Dublin, came under fire at the General Re finite trial with defence lawyers questioning his honesty, reliability and memory.

US insurer Allstate Corp has seen its reinsurance cost fall sharply after cutting back its catastrophe exposures.

Despite having to write down $27.1mn from sub-prime affected securities, US reinsurer Transatlantic Holdings Inc's 2007 profits were boosted by a stronger investment performance.

Despite weaker market conditions, US insurer Chubb Corp saw its 2007 earnings grow on the back of strong reserve releases.

American International Group (AIG) settled lawsuits by nine states and the District of Columbia for $12.5mn last week that sprang from the former New York attorney general Eliot Spitzer's investigations...