January 2009/2

As stock market indices around the globe recorded the worst calendar year declines in their histories, spreads widened to epic proportions and corporate bond values took a nosedive, major players in the US life (re)insurance market...

On top of the estimated $10-12bn of directors' and officers' (D&O) and errors and omissions (E&O) credit crunch-related losses, the embattled professional and management liability insurance sector is bracing itself...

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.

Belgian reinsurer Aviabel has agreed to pay its share of the EUR45mn helicopter crash claim by North Korea’s state insurance company that led to a long-running fraud dispute.

The record £5.25mn dished out to broker Aon Ltd earlier this month is part of a wider probe by UK regulator the Financial Services Authority (FSA) into the adequacy of anti-bribery systems and controls at brokers.

Sportscover has ended its turnkey relationship with Argenta Syndicate Management after receiving approval from Lloyd's and the FSA to launch a new managing agency for its Syndicate 3334.

Lloyd's insurers will now be able to write direct general insurance business on Guernsey after the market received a licence from the offshore jurisdiction's regulator.

Shares in Lloyd's underwriter Chaucer Holdings recovered sharply over the holiday period as speculation built that it could be the next quoted Lloyd's insurer to be aquired.

Torus aims for Lloyd's entry; Hardy boosts 2009 capacity; Munich Re launches new Lloyd's syndicate; Papworth to take Aon Benfield Fac team to Miller; Amlin sidecar 'oversubscribed'...

Broking giant Marsh & McLennan Cos (MMC) has reached a $7mn settlement agreement with nine US states, closing a chapter on four years of investigation into an alleged nationwide bid-rigging scheme.

Ratings agency Standard & Poor's (S&P) affirmed its junk ratings on three cat bonds affected by the collapse of Lehman Brothers after their total return swaps were terminated and the scheduled 15 December interest payments were met.

The nascent catastrophe derivatives markets have now traded more than $440mn of notional volume since their inception in late 2007.