January 2009/2

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.

IBM has won the race for Lloyd's messaging hub contract, fighting off information technology rival ATOS in the final selection process.

Reinsurance rate increases at 1/1 renewals were relatively modest, and confined largely to peak risk in the US, as a relatively small overall depreciation in industry capital, capacity and risk appetite helped to contain price rises.

Texas-based Southwest Insurance Partners Inc (SWIP) - the insurance investment vehicle led by HCC Insurance founder Stephen Way - has plans for a private offering to raise up to an additional $100mn in capital, The Insurance Insider can reveal.

At the time of going to press, London market insurers had received the first Madoff-related notifications on errors and omissions (E&O) and directors' and officers' (D&O) policies.

Expansive US insurer AMTrust Financial Services is planning a Lloyd's syndicate launch later this year, The Insurance Insider can reveal.

Three cat bonds are expected to be brought to market in late January/February raising hopes of dealflow through the insurance linked securities (ILS) pipeline that has been blocked since September last year.

On recent New Year's days I have had great satisfaction in reflecting on my investment performance during the year just closed. Even my playful portfolio of shares based on the tips of my regular newspaper over the year will have......

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.

Randall & Quilter (R&Q), the 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 Bermuda-based Quest Management Services Ltd.

UK-based Compre Holdings Ltd has acquired two of Sweden-based Länsförsäkringar AB’s reinsurance subsidiaries in run-off – Stockholm Reinsurance Company Ltd and Wasa International Insurance Company Ltd...

Californian-based brokerage Edgewood Partners Insurance Center (EPIC) has reached a confidential settlement with Arthur J Gallagher & Co, resolving the international broker's pending lawsuit alleging conspiracy and poaching of staff.