February 2008/1

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

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".

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

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.

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.

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.

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

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.

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

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...

Aon Corp has hired the former Max Re chief executive Bob Cooney as managing director of its Capital Markets division, the unit which provides structured finance and capital markets products to the (re)insurance industry.

Lloyd's has remained upbeat despite the market missing the 100 percent 2007 target for take-up on usage of electronic claims files (ECF) as it ended the year at 88 percent.

Despite strong results, Axa SA has received a target price downgrade from Collins Stewart analyst Tim Young after concerns about continuing dollar weakness, asset market turmoil and the possible acquisition of Friends Provident.

Zurich Financial Services is expanding in Norway and Denmark through two new branches of Zurich Insurance Ireland Ltd (ZIIL).

The arrival of Brian Duperreault at the helm of Marsh & McLennan Cos (MMC) has been welcomed by the investor community - and reduced the likelihood of an imminent takeover bid by Willis Group Holdings, according to analysts.

Giant bond insurer MBIA Inc has seen its results decimated by the recent sub-prime debacle, posting a $1.9bn loss last year, down from an $819.3mn profit in 2006.

The $250mn loss of an African telecommunications satellite at the end of last year was placed in the space insurance market by Willis, with cover understood to be led by Munich Re.

Rating agencies - those all-powerful arbiters of insurers' destinies - are getting restless and it is not just the monoliners who are in their sights.

The biggest fraud in investment banking history, at French bank Société Générale, may still result in a loss for the bank's insurers, as employee shareholders filed a lawsuit against unnamed directors at the firm.

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

Geoff Bromley, the former chairman of Guy Carpenter's European and Asian operations, has joined Aon Corp after serving a long notice period following his resignation last year.

AXIS Capital's newly launched US admitted property and casualty (P&C) insurer has been rated A by Standard & Poor's (S&P).

Ratings agency Standard & Poor's (S&P) has downgraded Bermudian life reinsurer Scottish Re Group after its investment portfolio continued to suffer from the sub-prime crisis.