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February 2009/4
  • Latest Madoff suit opens up potential new exposure for insurers
    A class action lawsuit filed on 12 February under the US Employee Retirement Income Security Act (ERISA) has potentially opened up a new avenue for Madoff-related losses in the insurance industry.
    23 February 2009
  • MMC bid-rigging class action finally concluded
    A federal judge approved a $69mn settlement in a policyholder class action against Marsh & McLennan (MMC) over an investigation into an alleged nationwide bid-rigging scheme, and separately awarded $19mn in legal fees connected to the case.
    23 February 2009
  • BAE hedges against hardening with multi-year deal
    In a sign of hardening prospects for the insurance market, Aon has structured a five-year “cost certainty” insurance deal with global defence and aerospace company BAE systems.
    23 February 2009
  • Industry shows concern over investment outlook
    The Centre for the Study of Financial Innovation's (CSFI) annual Insurance Banana Skins survey - which asks respondents to rank the risks facing the industry - has placed investment performance as the key challenge facing insurers in 2009.
    23 February 2009
  • Spencer parts company with Numis Corp
    IPGL Ltd, which is 55.1 per cent-owned by City grandee Michael Spencer, sold its entire 12.18 percent stake in the AIM-quoted UK stockbroker Numis Corporation, last week.
    23 February 2009
  • Ironshore expands with Berkshire Hathaway reinsurance deal
    Ironshore Inc is to grow further into American International Group (AIG) territory with a managing general underwriter (MGU) arrangement for its new environmental unit with Berkshire Hathaway subsidiary National Fire and Marine.
    23 February 2009
  • Australian wildfires cost estimated at $500mn
    The wildfires that raged through Australia earlier this month will lead to insurance losses of at least $505mn (A$790mn), according to estimates.
    23 February 2009
  • Florida approves State Farm withdrawal
    Florida's regulators approved State Farm's controversial plan to withdraw from the Sunshine State's property insurance market within two years.
    23 February 2009
  • Platinum scales back cat aggregates
    Bermudian reinsurer Platinum Underwriters posted solid 2008 results last week, which saw it navigate the dual trials of Hurricane Ike and the second half investment meltdown relatively unscathed.
    23 February 2009
  • Generali downgraded on write-down concerns
    Assicurazioni Generali, one of Europe's largest insurers, saw its financial strength ratings cut last week on concerns over the impact of the financial turmoil.
    23 February 2009
  • Berkshire stock hits 5-year low
    Shares in Berkshire Hathaway hit fresh 5-year lows last week as financial market turmoil took its toll on the company's stock holdings and shareholders speculated that...
    23 February 2009
  • Hartford shares tumble again as fears return
    Troubled US insurer Hartford Financial saw its shares lose almost half of their value last week, leading a slide in life insurer stocks over growing concerns about the sector’s exposure to variable annuities and commercial mortgage-backed securities (CMBS).
    23 February 2009
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