July 2007/1

AIM-listed Lloyd's insurer Heritage Underwriting Agency plc has bolstered its ranks with the hire of international general liability underwriter Mark Aaron from ACE.

Flagstone Reinsurance Holdings has further bolstered its underwriting operations with a $100mn issue of debt.

The British Insurance Brokers' Association (BIBA) has criticised the Financial Services Authority's (FSA) long awaited consultation paper proposing amendments to its Insurance Conduct of Business (ICOB) rules.

Former American International Group (AIG) supremo Maurice "Hank" Greenberg has countersued his former employer for the second time in as many weeks in an attempt to recover profits...

German bank HVB Group said it has completely divested its remaining stake in Munich Re, which was equal to about 2.2 percent of the voting rights.

Proceeds from Paris Re's forthcoming IPO will be used to reduce its retro spend and strengthen share capital at its Swiss operating subsidiary.

Andrew Goodsell, the former Merrett underwriter, will receive £104mn from the merger of the AA and Saga to create a £6bn motoring and insurance giant.

A proliferation of extreme natural disasters is expected in the next 25 years, resulting in record insured losses and massive loss of life, according to predictions by Professor Bill McGuire...

Guy Carpenter has swooped for Chris Klein, the chairman of rival Benfield Group's counterparty risk unit.

Swiss Re is involved as counterparty in the first insurance linked securities transaction to reference an existing cat bond as a trigger with the launch of $140mn Fusion 2007 Ltd.

Lloyd's insurer Chaucer is likely to be a target for Bermudian (re)insurers and private equity firms, according to Eamonn Flanagan at Shore Capital.

It was only recently that a US judge was bemoaning the lack of case law on reinsurance broking commissions and then along comes Benfield Group suing rival Aon Re for $2.4m in damages...