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.

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.

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.

Expansive insurer WR Berkley Insurance (Europe), Limited (WRB Europe) has announced that it has completed the acquisition of Irish Professional Risks Ltd, to form WR Berkley Insurance Ireland.

2008 was the third worst-year on record for economic losses from natural catastrophes (nat cat), according to Munich Re.

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.

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...

US property & casualty (P&C) (re)insurers saw net income for the first three quarters of 2008 fall by 85 percent to $7.3bn, with an underwriting loss of $10.9bn, according to a report by rating agency AM Best.

Randall & Quilter (R&Q), the UK listed run-off acquisition and management firm, has continued its strategy of acquiring service companies with a deal to pay up to $6.9mn to acquire the Bermuda-based Quest Management Services Ltd.