February 2008/2

Ratings agency Standard & Poor's has responded to American International Group's (AIG) admission that it faces far greater losses from its exposure to the continuing credit crisis by placing the ratings of the firm on Negative outlook.

Organic growth boosted Marsh and McLennan Companies Inc’s (MMC) 2007 revenues, the company reported today (12 February).

ESR Insurance Ltd – the Lloyd’s broker hit by allegations of fraud in its surety bond division – has gone into administration.

After two years characterised by more financial strength ratings upgrades than downgrades, AM Best has predicted actions will be more “fairly balanced” for US property and casualty (P&C) insurers in 2008.

American International Group (AIG) saw its share price tumble over ten percent yesterday (11 February) to a five-year low as it spooked investors over the size of its exposures to the continuing credit crisis.

ECF figures improve after re-audit; P&I reinsurance structure static, but costs rise; Lloyd's capacity static for 2008; THB finalises PWS deal...

MGA Euro International Underwriting Ltd underwriter Christopher Henton, who was banned from operating over his "dishonest involvement" in the notorious Sphere Drake managing general agent (MGA) was...

David Bedford, director of Lloyd's broker ESR Insurance Services Limited (ESR), has been arrested and released on bail without charge in connection with a police investigation into an alleged fraud for millions of pounds.

Concord Re, the $730mn sidecar established by American International Group's (AIG) subsidiary Lexington Insurance Company in 2006, has been non-renewed for 2008, as predicted by The Insurance Insider last year.

Risk modelling firm Risk Management Solutions (RMS) is launching a series of natural catastrophe indices for US wind and quake, and European windstorm under the banner Paradex.

In contrast to its troubled rival, ACE Ltd - which was set up with XL on Bermuda in the mid-'80s - reported record full year 2007 net income of $2.58bn, up 12 percent on the prior year...

AJ Gallagher & Co's (AJG) confirmation last month that it was putting loss making reinsurance broker Gallagher Re up for sale has been welcomed by analysts.