January 2009/3

Troubled global insurer AIG's asset sales have continued with an agreement to offload its financial products division's commodity index business to Swiss banking group UBS for up to $150mn.

Indian-based software exporter and outsourcing giant Satyam Computer Services Ltd - which was earlier this month hit by its founder and former chairman B Ramalinga Raju's confession to a $1bn fraud - had a $75mn limit in director's and officer's (D&O) lia

Convergence stalwart Hannover Re has successfully completed a EUR100mn embedded value life transaction, proving that the foundering life securitisation market still has a pulse.

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.

As evidence mounts that the potential EUR66.5bn German P&C legacy market may finally explode into activity, the European run-off industry prepares to convene on Cologne for its annual run-off Rendez-Vous.

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.

UK-listed run-off vehicle Tawa plc's share price is now two thirds lower than its 2007 IPO price as financial market turmoil and investor fears...

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.

London-based broker RFIB Holdings Ltd reported revenue and profit growth for the 12 months to 30 June 2008 and said it expects the pattern to continue as the impact of new teams boosts performance and the stronger dollar begins to filter through.

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.

Swiss banking giant USB has been ordered to pay French financial management company Oddo & Cie EUR30mn ($39.4mn) to reimburse its Madoff-related losses through Access International's LuxAlpha Sicav fund, which is supervised by UBS's Luxembourg unit.

Willis placed the cover on the US Airways Airbus A320 which crashed into the Hudson river, New York shortly after take-off on the 15 January.