January 2007/5

The CEO of the UK regulator, the Financial Services Authority (FSA), announced he would be stepping down in July this year in an unexpected announcement on 16 January.

Hardy Underwriting could become the next Lloyd’s insurer to re-locate to Bermuda and take advantage of its lower tax rates, according to its CEO.

Lloyd's insurer Atrium announced the launch of a Financial Services Authority-regulated company to underwrite space risks on 16 January.

The board of US giant American International Group (AIG) has elected Dan Glaser as senior vice president, Foreign General Insurance.

Senior management at Windsor plc, the UK-quoted insurance broker, made public the terms of their £33.7mn acquisition proposal for the firm this morning (22 January).

Validus Holdings Ltd and Greenlight Capital Re Ltd became the third and fourth reinsurers formed after Hurricane Katrina to confirm plans for initial public offerings (IPO).

The Reinsurance Association of America (RAA) has called for comprehensive regulatory reform for reinsurance this year.

AXIS Insurance chairman Dennis Reding is to take up the position of chief operating officer at AXIS Capital as the Bermudian firm restructures.

Nick Frankland, has been appointed as CEO of reinsurance broker Guy Carpenter’s UK operations following David Priebe’s return to the US as head of Global Specialty Group.

A group of reinsurers which have been joined to Allianz over legal proceedings regarding a controversial North Korean claim have refused to acknowledge the lawsuit.

After a weekend of heavy legislating, Florida’s lawmakers have hammered out a bill to provide rate reductions on homeowners’ insurance costs which is likely to have a significant impact on the US property & casualty industry.

Run-off services provider CMGL announced on 19 January that it has been appointed to provide claims management services for ICM Syndicate 4242.