January 2006/5

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.

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...

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...

Swiss Re’s strategy of bundling up its risk exposures and selling them on to the capital markets took a step further today (23 January), when the reinsurance giant announced it had completed an innovative EUR252mn credit reinsurance securitization.

Amlin has advised it is not currently supporting the London market space consortium being supported by Liberty Syndicates, despite the suggestion to the contrary in January’s edition of The Insurance Insider. We are happy to clarify this.

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...

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 Endurance Specialty Holdings last week announced Susan Patschak and Christopher Schaper as chief operating officer and head of reinsurance respectively at its Bermudian operating subsidiary.

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.

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...

Marsh Inc’s new chief executive Brian Storms will spend much of the next month on the road as he travels across the globe to meet his business heads and rally the broking giant’s troops. The former Mercer Human Resource Consulting chief executive...

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.