February 2008/4

The acquisition of Caribbean property insurer Island Heritage boosted the premium income of "Class of 2005" reinsurer Flagstone Re, which rose 91 percent last year, it revealed in its 2007 results yesterday (18 February).

The acquisition of Lloyd's insurer Talbot has boosted Bermudian Validus' full year 2007 net income by around 120 percent year-on-year.

Ron Sandler, the chairman of Bermudian insurer Ironshore Ltd and the former CEO of Lloyd's, has taken the helm at newly nationalised UK bank, Northern Rock.

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.

All four major ratings agencies are ready to take action on American International Group (AIG) after the giant insurers shock admission that it faces far greater losses from its exposure to the continuing credit crisis than previously reported.

The jury has retired to consider its verdict in the trial of Gen Re and American International Group (AIG) executives over an allegedly sham finite reinsurance contract.

French reinsurer SCOR said 1/1 renewals confirmed the successful integration of last year’s acquisition of Converium, with a high retention rate and access to new business.

Three long-serving Marsh Ltd figures are to part company with the firm.

US insurer CV Starr & Co has announced a tie-up with Allied World Assurance Company (AWAC) enabling it to offer management liability lines on behalf of the Bermudian firm.

Shareholders in Lloyd's (re)insurer Kiln Ltd have approved the cash acquisition of the firm by Tokio Marine & Nichido Fire Insurance Co Ltd at a special general meeting last week.

Veteran class action lawyer Bill Lerach, who represented Enron investors and other shareholders suing large corporations, has been sentenced to two years in jail for making improper payments to clients in a kickback scheme.

Lloyd's has confirmed it is in the process of making a formal application to become an admitted reinsurer in Brazil, a move first revealed by The Insurance Insider, following the country's plans to scrap its collateral requirements for higher rated reinsu