February 2008/2

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.

The jury in the trial of four former Gen Re and an ex-American International Group (AIG) executive charged with transacting an allegedly sham finite reinsurance contract between the two firms is due to retire in mid-February.

Aon Corp has hired 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.

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...

The run-off market has welcomed a potential new buyer of discontinued books – JMD Specialist Insurance Services.

Bermudian reinsurer RenaissanceRe is to launch its first cat bond - CPX Re - to provide US all natural perils cover, our sister publication Trading Risk revealed.

RK Carvill has confirmed that Deutsche Bank will provide Standard & Poor's AA rated security to hurricane derivatives transformed into reinsurance contracts through transformer vehicle Mount Prospect Ltd.

The US Securities and Exchange Commission (SEC) plans to turn its sights on the hedge fund community as a target for future investigations into business practices.

Other than the fact that Warren Buffett has promised $37bn+ of his fortune to Bill Gates' charitable foundation, Keefe, Bruyette & Woods analyst William Hawkins' observation...

DE Shaw-backed $250mn start-up gets A- rating; AM Best affirms New Castle Re; Banks consider bond insurer bailout; SCOR free of monoliner exposure...

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