January 2006/5

London market broker Howden has promoted Andy Bragoli to the role of group broking director. Specialising in liability and crime insurance, Howden is the broking arm of fast expanding insurer Hyperion Insurance Group.

Former Credit Lyonnais chairman Jean Peyrelevade has pleaded guilty to charges over false statements made to the US Federal Reserve during the bank’s acquisition of collapsed insurer Executive Life. Peyrelevade made his pleas in court...

The extension of the Terrorism Risk Insurance Act (TRIA) for two more years has bought property and casualty insurers time, according to a report from ratings agency Moody’s. The US federal reinsurance backstop to insurers for terrorism...

Hurricane hit Bermudian property catastrophe specialist PXRE revealed last week that it has entered into a second $200mn letter of credit facility with Citibank Ireland Financial Services plc. Under the One-year secured facility with Citibank...

Veteran London market figure Graham White and Ewen Gilmour, the chief executive of Chaucer Syndicates Ltd, have won the election to become members of the Council of Lloyd’s.

The owners of the Hard Rock Hotel & Casino Biloxi are suing two of the company’s property insurers for refusing to settle their share of the complex’s $175mn damage claim following Hurricane Katrina.

US insurance giant St Paul said it will update shareholders on its asbestos liabilities next week following Friday’s verdict in the US Court of Appeals which reinstated an old asbestos-related insurance suit against the company.

Bermudian (re)insurer Aspen has been removed from ratings review with negative implications by AM Best, which has affirmed the firm’s A- (Excellent) financial strength rating. The rating agency also affirmed Aspen’s insurer credit rating of...

World’s biggest insurer American International Group (AIG) may have to pay $10mn to executive vice chairman and chief operating officer Donald Kanak who is leaving the company at the end of the month, after less than a year in the role.

Hannover Re was boosted last week with the news that rating agency Standard & Poor’s (S&P) had affirmed its AA- insurer financial strength and long-term counterparty credit ratings on the German reinsurer, removing them from CreditWatch with...

Seven changes are expected to Converium’s board of directors when shareholders meet in April for the company’s Annual General Meeting. In keeping with previous indications chairman Peter Colombo will step down from his position on 11 April.

In a critical year for UK commercial insurers to demonstrate compliance with the regulatory imposed deadlines on contract certainty, Brit Insurance Holdings plc has stolen a march on its peers by announcing that it has reached 75 percent compliance...