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January 2009/1

  • Bermudian Ironshore has continued its raid on beleaguered insurance giant American International Group (AIG) with the hiring of Joe Boren and John O'Brien to head up its newly formed Environmental Insurance unit.
  • Lloyd’s (re)insurer Hardy Underwriting Bermuda Ltd has increased capacity on its Syndicate 382 from £185mn to £250mn for 2009 in response to the weak UK pound.
  • Former American International Group (AIG) CEO Hank Greenberg, described the firm as "Bleeding people and business" in a television interview last month.
  • Troubled insurance giant American International Group (AIG) intends to merge two units of its major Asian life insurance entity American International Assurance Co Ltd (AIA) and list the restructured company in Hong Kong, according to reports.
  • As the lengthy list of victims in the Madoff scandal grows daily to include educational institutions, charities and foundations together with international banks, private hedge funds and insurers around the world (see table),so too does the...
  • The US Congress will today (5 January) hold a hearing to investigate how US financial regulator the Securities and Exchange Commission (SEC) failed to prevent the alleged $50bn fraud by Wall Street trader Bernard Madoff...
  • Reinsurance rate increases at 1/1 renewals have been relatively modest, caused in no small part by a relatively small depreciation in industry capital, which has helped to contain price rises...
  • The liquidated estate of US workers' compensation insurers Mission Insurance Companies yielded a further $121mn for policyholders, bringing the total amount distributed to approximately $1.5bn.
  • Bermudian run-off acquisitions firm Enstar Group completed its $341.3mn acquisition of Travelers’ UK-based unit Unionamerica Holdings Ltd at the end of December.
  • Bermudian reinsurer Starr Insurance & Reinsurance Ltd (SIRL), a subsidiary of Starr International Company, Inc has been assigned a stable financial strength rating of A by AM Best.
  • Singapore-based reinsurer Asia Capital Reinsurance Group received approval last month to open a branch office in Hong Kong as a spearhead to its expansion into the northeast Asia markets.
  • The Hartford Financial Services Group has had the A+ financial strength ratings of its subsidiaries removed from review with negative implications and affirmed by AM Best, albeit with a negative outlook.
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