January 2008/1

The new version of the German Insurance Contract Law came into force on 1 January 2008 placing more emphasis on consumer rights and information.

Bermudian insurer Ironshore Inc has continued to grow its US platform with the acquisition of an excess and surplus lines shell from TIG Insurance Company, a Fairfax Financial Holdings Ltd subsidiary in run-off.

Insurance-linked securities pioneer Swiss Re has announced the final pricing of EURIBOR plus 360 basis points on its EUR200mn French windstorm cat bond, issued on behalf of French mutual Groupama SA.

Marsh Inc made its second management reshuffle in a matter of months last week as new CEO Dan Glaser stamped his authority on the ailing broking giant with an organisational restructure to "improve efficiencies".

A duo of proposed special purpose syndicates (SPS) to provide quota share reinsurance to Ark Syndicate 4020 and Hiscox Syndicate 33 respectively have gone live for the 2008 year, Insider Week can reveal.

Recently listed UK run-off firm Randall & Quilter Investment Holdings (R&Q) has appointed ex-Wellington executive John O'Neill as chief operating officer of its UK Insurance Services Division.

Commercial insurance underwriting agency APC Underwriting has signed a "unique" contract within Lloyd's, which combines property, combined liability, professional indemnity, directors' & offices' (D&O) and legal expenses.

US insurer Chubb Corp has confirmed it will redomicile its European holding company from Brussels to London, as revealed by The Insurance Insider last year.

US financial services firm State Street Corp's decision to establish a $618mn fund to cover sub-prime related lawsuits has set alarm bells ringing among directors' and officers' (D&O) insurers offering defence costs coverage.

US insurer HCC Insurance Holdings Inc has confirmed the launch of a new wholly aligned Lloyd's syndicate to write business on behalf of its latest acquisition, Indiana-based MultiNational Underwriters (MNU).

The criminal trial of four former General Re executives and an ex-American International Group (AIG) employee is set to start today (7 January) in a Connecticut court.

The California Earthquake Authority (CEA) has once again returned to the capital markets with a $496mn continuation of the Redwood series of cat bonds.