January 2009/2

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.

German hedge fund Augur Capital has acquired former East German state marine (re)insurer Deutsche Versicherungs-und Rückversicherungs-AG (DARAG), in a potentially landmark deal that could see the discontinued...

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.

2008, with Hurricanes Ike and Gustav, a spate of US tornadoes, and nearly $7bn in single risk losses, is now being regarded as the second-worst year for catastrophe losses on record.

As (re)insurers prepare to unveil fourth quarter and full-year financials in the coming weeks, recent announcements by Advent, IPCRe, PartnerRe and Harbor Point suggest further pain for the industry from deteriorating losses from Hurricane Ike.

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.

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.

Expansive Lloyd's insurer Jubilee has officially launched its global property business under the leadership of former Travelers underwriter Martin Pope - a move predicted by The Insurance Insider last July.

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.

American International Group (AIG) has taken another step in its asset disposal programme with an agreement to sell its Canadian life insurance unit to BMO Financial Group (BMO) for around $308mn.

The steady flow of senior executives out of American International Group (AIG) continued into the New Year as the heads of the beleaguered insurance giant’s environmental unit left to launch a new business at Bermudian Ironshore.