July 2007/5

A solvent scheme of arrangement for the reinsurance business written through the GLM Pool was sanctioned by the UK High Court in London earlier this month.

Broking network Unitas Alliance has confirmed the appointment of former Endurance Worldwide Insurance Ltd CEO Mark Boucher as non-executive chairman of its new underwriting agency, as revealed in the July issue of The Insurance Insider.

Insurance giant American International Group (AIG) is facing lawsuits from two Minnesota workers compensation insurance associations seeking $100mn in damages for alleged fraudulent business practices, according to reports.

Bermuda-headquartered (re)insurer Catlin Group announced the appointment of a new aviation team head, based in Paris.

"Class of 2005" insurer Lancashire Holdings Ltd has taken advantage of a favourable credit environment to refinance an existing $350mn letter of credit facility.

Lloyd's insurer Hiscox plc has acquired a portfolio of kidnap and ransom business from the broker Aon Ltd.

Lloyd's insurer Amlin plc's announcement of plans to set up a Singapore office is the latest in a series of moves by market participants and the Corporation to directly access business in the Asia Pacific region.

The Consumer Federation of America (CFA) accused US insurer Allstate Corp of excessively raising home and auto insurance rates and using questionable practices to settle claims.

Insured losses in Belgium from January’s Windstorm Kyrill have reached EUR213mn, according to the Belgian insurer association Assuralia.

Fitch Ratings next-generation stochastic capital model, PRISM, will change the way risk is assessed for (re)insurers, the rating agency has claimed.

Shares in Bermudian reinsurer Everest Re Group Ltd slipped after a Bear Stearns analyst downgraded the company on "limited growth opportunities and declining profitability".

Loss estimates from the recent earthquakes and typhoon that have hit Japan continue to spread as insurers count the cost.