January 2008/4

The global credit crunch has made its mark on Aon's 2008 Political and Economic Risk Map, resulting in the US and UK flagged as countries vulnerable to slow economic growth.

French reinsurer SCOR has no "material" exposure to the US financial guarantee market and the monoline insurers that have been hit by the global credit crunch, the group revealed.

Specialist UK broker THB Group plc has become the latest intermediary to launch an underwriting operation as it looks to develop its revenue streams at a time of softening rates.

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.

The founder of failed Australian company HIH Insurance, Ray Williams, was released from jail last week but is still facing an inquiry into his finances.

The rapid rise in commodity prices is fuelling an increase in insured assets on energy risks, which is expected to spill over into higher losses in the sector, according to Phillip Ellis, chairman of broker Willis Energy.

Lucida plc, a new insurance company headed by ex-Prudential plc CEO John Bloomer and backed by US hedge fund Cerberus Capital Management, has concluded its first reinsurance deal with Bank of Ireland Life (BOI Life).

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.

Concord Re, the $730mn sidecar established by American International Group's (AIG) subsidiary Lexington Insurance Company in 2006, has been non-renewed for 2008, as predicted by The Insurance Insider.

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...

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

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.