January 2008/4

Monoline bond insurer Ambac Assurance Corporation and subsidiary Ambac Assurance UK Ltd are on the brink of being downgraded after it cancelled its $1bn capital raising plans.

David Batchelor, Marsh's head of Asia Pacific, is to return to the UK as CEO of its operations in Europe, the Middle East and Africa (EMEA) as the broker's new CEO Dan Glaser continues to reshuffle his team.

Nigel Roberts has joined broker Willis after leaving Aon Ltd last year.

Paul Karon, CEO of reinsurance intermediary Benfield’s US division, has sold more than half his stock in the company.

Simon Millar, a director at troubled property services group Erinaceous, has defected to broker Lockton's real estate & construction division.

AM Best has affirmed the A- financial strength and a- credit ratings of "Class of 2005" Bermudian property cat reinsurer New Castle Reinsurance Company Ltd, based on strong performance since its launch.

Bermudian firms PartnerRe and RenaissanceRe have announced combined writedowns of more than $200mn from their stakes in financial guarantee reinsurer Channel Re.

The testimony of former General Re senior vice president Richard Napier continued at the trial of five executives over an allegedly sham finite reinsurance deal with American International Group (AIG).

RK Carvill has expanded its offering of hurricane derivatives on the Chicago Mercantile Exchange (CME) and confirmed partnerships with Deutsche Bank and derivatives broker Tradition Financial Services (TFS) ahead of the 2008 hurricane season.

US giant American International Group (AIG) leads the hull cover on the British Airways jet that crash-landed at London's Heathrow Airport with more than 150 people on board last week.

US insurer Allstate Corp has been granted a ten-day stay against a suspension order from the Florida Office of Insurance Regulation (FOIR), enabling it to continue writing new business in the state while it provides the regulator...

Aon has further bolstered its facultative division with the capture of RK Harrison’s head of London market fac business, Matthew Barnes, The Insurance Insider has learned.