February 2009/3

After weeks of speculation, Jacques Aigrain resigned as CEO of Swiss Re just days after the troubled reinsurance giant confirmed a hefty full-year 2008 loss and a series of measures to shore up its balance sheet.

While the future looks challenging for the global financial markets as a whole, the (re)insurance industry is currently "the most stable financial industry in the world", according to CEO of Willis Joe Plumeri.

All three major global broking groups' annual results were well received by investors as the results of tight cost control plans offset negative or patchy growth in the soft market-affected top lines at Aon, MMC and Willis.

It was a busy week for fundraising on Lime Street as M&A target Chaucer Holdings saw its proposed £75mn net equity placing approved by shareholders (see article 16), while larger rivals Beazley...

Bill Berkley summed up the mood of many (re)insurers reporting Q4 and full-year 2008 figures with the words: "these are the best of times, the worst of times".

The Serious Fraud Office (SFO) launched a preliminary inquiry into the UK operations of American International Group's Financial Products Corp (AIGFP) last week

After 2008's string of natural and man-made catastrophe losses triggered one of the costliest years on record, a succession of disasters including the Australian wildfires, European winter storm Klaus and two plane crashes have started...