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July 2006/3
  • Greenberg says AIG restatement was "flawed"
    Former American International group (AIG) chairman, Maurice "Hank" Greenberg has called the restatement of four years of the firm's earnings was "flawed".
    10 July 2006
  • Illinois turns up heat on Liberty Mutual
    Illinois' Lisa Madigan became the third state attorney-general to increase the pressure on industry giant Liberty Mutual Inc when it filed a lawsuit against the firm alleging unlawful behaviour in relation to undisclosed contingent commissions...
    10 July 2006
  • Carbon Re launches greenhouse gas covers
    A new (re)insurer, Carbon Re, has been set up in Switzerland to provide covers to greenhouse gas emissions-related projects.
    10 July 2006
  • July renewals show steep increases for short-tail lines
    The capacity shortages for catastrophe reinsurance meant rates were up by around 60 percent on average at the key 1 July renewals with some placements left unfulfilled, according to research by investment house, Keefe, Bruyette & Woods (KBW).
    10 July 2006
  • Aviva shares fall on AmerUs talks
    Around £800mn has been lost from UK general insurance giant Aviva plc's valuation since it confirmed last week that it is in talks with the £1.3bn US fixed-indexed annuity product producer, AmerUs.
    10 July 2006
  • Militant Names launch £1bn class action suit
    Over 1,000 Lloyd's Names have launched a £1bn class-action style legal case against the UK government, led by seasoned campaigner Christopher Stockwell.
    10 July 2006
  • Tower Group takes $5.4mn hit on PXRE commutations
    New York-based Tower Group Inc revealed on 6 July that it will write down $5.4mn on its balance sheet after commuting its outstanding liabilities with the near-defunct Bermudian reinsurer, PXRE Group.
    10 July 2006
  • R+V awarded EUR3.6mn damages from Risk
    German reinsurer R+V has been awarded EUR3,528,357 in damages from the former Lloyd's based managing agency Risk. The award came in a judgement handed down by Mr Justice Tomlinson this morning (10 July) in London's Royal Courts of Justice.
    10 July 2006
  • Mixed reaction to SCOR's Revios acquisition
    Think of SCOR as a P&C reinsurer? Think again. Following SCOR's announcement last week that it has agreed to buy the German life reinsurer Revios in a $775mn deal, SCOR's business mix will be 60 percent life reinsurance and only 40 percent...
    10 July 2006
  • Leading Lloyd's (re)insurer parts company with senior management
    Liberty Syndicates - one of the largest Lloyd's (re)insurers - parted company suddenly with its managing director Sean Dalton and head of underwriting Andrew Elliot, Insider Week revealed last Friday (7 July).
    10 July 2006
  • Catlin opens office in China
    Bermuda-headquartered Catlin Group has opened an office in Hong Kong, becoming the latest (re)insurer to expand its offering to the growing Chinese market.
    10 July 2006
  • Willis to acquire Norwegian broker
    Insurance broker Willis Group Holdings Ltd made an agreement to acquire Norwegian broker Link Forsikringsmegling AS (Link) on Friday (7 July).
    10 July 2006
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