July 2006/1

Lloyd's broker RFIB Group has recruited a new energy team as it seeks to build its presence in the sector.

Political risk reinsurers need a boost in capacity from both the capital markets and traditional reinsurance markets, according to a report by broker Willis Re.

Companies that act quickly and efficiently in managing a crisis through a product recall will gain consumers' confidence and enhance shareholder value, according to broker Marsh.

The Financial Service Authority (FSA) published reports last week on "better regulation" and the associated costs as it seeks to improve and streamline its activities.

US insurer HCC Insurance Holdings Inc has acquired Indianapolis-based Novia Underwriters for an undisclosed sum.

World's largest reinsurer Swiss Re announced last week that it has completed the sale of its stake in specialist financial services investment bank Fox-Pitt, Kelton (FPK) to its employees and a consortium led by hedge fund investor JC Flowers & Co.

Bermudian-headquartered reinsurer Imagine Group Holdings is heading towards a 2007 court battle with its former president and founding chief executive Brad Huntington.

Rating agency Standard & Poor's (S&P) has described the old and "much-maligned Lloyd's accounting and reporting regime" as superior to the GAAP system imposed last year.

Two Lloyd's syndicates have suffered downgrades from agency Standard & Poor's (S&P) as it conducts its latest Lloyd's Syndicate Assessment (LSA) review.

Failed (re)insurer GoshawK last week released its 2005 preliminary results, revealing an after-tax loss of $140mn and warning that further deterioration in Hurricane Wilma losses would not be covered by its reinsurance protection.

Start-up UK insurer Novae Insurance Company Ltd, which is part of newly rebranded Novae Group, started trading today (3 July).

Mark Cloutier, the head of run-off at the defunct reinsurer Alea Group Holdings, will replace Marc Ricciardelli as the company chief executive from 1 September.