February 2008/4

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.

The Association of British Insurers (ABI) has warned that tougher planning controls are needed if flood insurance is to remain widely available for new homes in the UK.

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.

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.

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.

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

A significant reduction in the UK’s run-off liabilities has driven a EUR2bn decrease across Europe, according to a new survey launched by PricewaterhouseCoopers LLP (PwC) in conjunction with the Association of Run-Off Companies.

US insurer Liberty Mutual Group saw profits fall 7 percent last year, down to $1.5bn from $1.6bn in 2006.

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.

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

The Dubai International Financial Centre (DIFC) has entered into a joint venture with the London Court of International Arbitration (LCIA) as the emirate aims to establish itself as an international arbitration jurisdiction.

Negative goodwill arising out of the reverse merger of PXRE Group has boosted specialty (re)insurer Argo Group's 2007 results.