January 2009/3

Bermuda-based (re)insurer Arch Capital Group has received approval in principle from the Lloyd;s Franchise Board and UK regulator the Financial Services Authority (FSA) to establish a new managing agent and syndicate at Lloyd’s.

Beleaguered bank Merrill Lynch has agreed to pay out $475mn and $75mn respectively to settle two class action lawsuits filed against it in relation to its subprime losses.

US active and run-off specialist Citadel Risk Management has acquired “substantially all” of US broker Arthur J Gallagher’s reinsurance run-off portfolio

Start-up Lloyd’s insurer Ark has shaken up its underwriting management team, with effect from January 2009.

Kuwaiti Islamic reinsurance company Al Fayer Retakaful Insurance's financial strength rating of A- has been put under review with negative implications by ratings agency AM Best.

Platinum Underwriters Holdings became the latest (re)insurer to increase its loss estimates from Hurricane Ike as the brutal impact of September's storm continues to escalate.

Class of 2005 Bermudian (re)insurance group Ariel Holdings wrote less premium than expected and reported a modest decline in shareholders' funds in 2008, according to ratings agency AM Best.

Lloyd's messaging hub initiative will not lead to a substantial cost to market participants, according to the Corporation's director of market operations and North America Sue Langley.

US regulators' forum the National Association of Insurance Commissioners (NAIC) is to hold a public hearing next week to gauge public and industry opinion of proposals to provide US life insurers capital relief as turmoil lashes global financial markets.

The heaviest prospective loss in British financial history sent Royal Bank of Scotland shares spiraling down 70 percent today (19 January) and made the bank's up-for-sale insurance arm technically worth more than the entire market capitalisation of the...

With governments once again in bail-out mode as the banking sector both sides of the Atlantic lurched into its latest crisis, the (re)insurance sector - despite its relatively bright outlook - is again struggling to decouple itself from the fortunes of it

German insurance giant Allianz has announced the launch of a new global marine unit though its global Corporate and Specialty division (AGCS).